Case Brief
What Happened
The Reserve Bank of India has extended the directions already in force against 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. Under the July 04, 2023 directive, RBI stated that the same directions will continue to apply until October 08, 2023, subject to review, and that all other terms and conditions remain unchanged. The notice is issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949.