Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions issued to Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, Maharashtra. The bank had been placed under Directions from the close of business on July 08, 2022 for six months, and the January 05, 2023 directive continues those Directions until April 08, 2023. The release says all other terms and conditions remain unchanged and cites Section 35A read with Section 56 of the Banking Regulation Act, 1949 as the legal basis.