Case Brief
What Happened
The Reserve Bank of India extended the existing Directions imposed on Sangli Sahakari Bank Limited, Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under Directions from the close of business on July 08, 2022, for a period of six months. The April 05, 2023 directive continues those Directions until July 08, 2023, subject to review, and states that all other terms and conditions remain unchanged.