Case Brief
What Happened
The Reserve Bank of India, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, has extended the directions already in force against Raigad Sahakari Bank Limited, Mumbai, Maharashtra. The bank had originally been placed under directions from the close of business on July 18, 2022 for six months, and the latest directive dated January 17, 2023 continues those directions till April 18, 2023, subject to review. The release also says that all other terms and conditions of the directives remain unchanged.