Case Brief
What Happened
The Reserve Bank of India extended the period of its existing Directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur. The bank had originally been placed under Directions from the close of business on May 13, 2022 for six months, with the validity extended from time to time; this latest order continues the same Directions till May 12, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The release states that all other terms and conditions remain unchanged and the extension should not be construed as RBI being satisfied with the bank's financial position.