Case Brief
What Happened
The Reserve Bank of India extended the validity of its earlier directions issued to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directive, dated July 21, 2022, had been in force for six months up to January 22, 2023. RBI has now ordered that the same directive shall continue to apply from January 23, 2023 to April 22, 2023, subject to review, with all other terms and conditions unchanged.