Case Brief
What Happened
The Reserve Bank of India has further extended the Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 applicable to The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The directive, originally issued on April 23, 2024 and previously extended up to April 23, 2026, will now continue from close of business on April 23, 2026 until close of business on July 23, 2026, subject to review. RBI notes that the extension should not be taken to mean it is satisfied with the bank's financial position, and it confirms that all other terms and conditions of the directive remain unchanged.