Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing Directions on Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, Maharashtra. The bank had originally been placed under Directions from the close of business on July 08, 2022, for six months, and the April 06, 2023 directive under Section 35A read with Section 56 of the Banking Regulation Act, 1949 continues those Directions until July 08, 2023. All other terms and conditions remain unchanged, and the extension should not be read as RBI being satisfied with the bank’s financial position.