Case Brief
What Happened
The Reserve Bank of India extended the existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 issued to The Konark Urban Co-operative Bank Ltd., Ulhasnagar. The directive, originally issued on April 23, 2024 and last extended up to close of business on July 23, 2026, has now been extended further for three months until close of business on October 23, 2026, subject to review. The RBI stated that the extension should not be construed as satisfaction with the bank's financial position, and that all other terms and conditions of the directive remain unchanged.