Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The directive, originally dated April 23, 2024 and earlier extended up to January 23, 2026, now continues from close of business on January 23, 2026 until close of business on April 23, 2026, subject to review. The RBI also clarified that the extension and/or modification should not be construed as satisfaction with the bank's financial position, and that all other terms and conditions remain unchanged.