Case Brief
What Happened
The Reserve Bank of India issued an extension of the operative period of its earlier directions dated July 15, 2022 against Nashik Zilla Girna Sahakari Bank Limited, Nashik, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, which were earlier valid up to January 18, 2023, were extended for a further three months from January 19, 2023 to April 18, 2023, subject to review. The release states that all other terms and conditions of the original directive remain unchanged.