Case Brief
What Happened
The Reserve Bank of India extended the existing Section 35A directions applicable to Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra. The original directive dated June 14, 2016 had already been extended on December 07, 2016 and June 08, 2017; this fresh notification extends the period of operation further from September 15, 2017 to March 14, 2018, subject to review. RBI also stated that all other terms and conditions of the directive remain unchanged and that the extension should not be construed as indicating substantive improvement in the bank’s financial position.