Case Brief
What Happened
The Reserve Bank of India has extended the existing Directions applicable to Raigad Sahakari Bank Limited, Mumbai, Maharashtra. The bank had originally been placed under Directions from the close of business on July 18, 2022, and the validity had been extended from time to time, last up to April 18, 2023. RBI has now directed that those Directions continue to apply until July 18, 2023, subject to review, with all other terms and conditions unchanged, under Section 35A read with Section 56 of the Banking Regulation Act, 1949.