Case Brief
The Reserve Bank of India extended the period of operation of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 issued to Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District). The original directive, issued on February 23, 2023 and last extended up to November 24, 2023, has now been continued for a further three months, from the close of business on November 24, 2023 to the close of business on February 24, 2024. The RBI states that the extension is in the public interest and that all other terms and conditions of the directive remain unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Uravakonda, Andhra Pradesh