Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing Directions against Sarjeraodada Naik Shirala Sahakari Bank Ltd., Shirala, Dist. Sangli, Maharashtra. The Directions, originally placed from close of business on February 03, 2021 and last extended up to January 03, 2022, were continued until March 03, 2022 under Section 35A read with Section 56 of the Banking Regulation Act, 1949, subject to review. The release explicitly states that all other terms and conditions remain unchanged and notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.