Case Brief
What Happened
The Reserve Bank of India has extended the validity of the existing Section 35A directions applicable to Shivaji Rao Bhosale Sahakari Bank Ltd., Pune, Maharashtra. The prior directions, first placed in effect from close of business on May 04, 2019 and last extended up to December 04, 2020, will now continue for a further three months from December 05, 2020 to March 04, 2021, subject to review. The release says all other terms and conditions of the directive remain unchanged and notes that the extension should not be taken to mean the RBI is satisfied with any substantive improvement in the bank's financial position.