Case Brief
What Happened
The Reserve Bank of India notified that the earlier directions issued to Shivajirao Bhosale Sahakari Bank Ltd., Pune, under Section 35A of the Banking Regulation Act, 1949 read with Section 56, will continue to apply till August 04, 2020. The press release explicitly describes this as an extension of the existing directive originally issued on May 03, 2019 and effective from the close of business on May 04, 2019. It also states that the extension should not be construed as satisfaction with the bank’s financial position.