Case Brief
What Happened
The Reserve Bank of India extended the period of Directions already in force against Sarjeraodada Naik Shirala Sahakari Bank Ltd., Shirala, Dist. Sangli, Maharashtra. The bank had originally been placed under Directions from the close of business on February 03, 2021 for six months, and that validity had already been extended till November 03, 2021. By the current notification, RBI directed that the same Directions shall continue to apply till January 03, 2022, subject to review, with all other terms and conditions unchanged, under Section 35A read with Section 56 of the Banking Regulation Act, 1949.