Case Brief
What Happened
The Reserve Bank of India extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Sangli Sahakari Bank Limited, Mumbai, Maharashtra. The directions, originally placed from the close of business on July 08, 2022, had already been extended multiple times and were last valid up to October 08, 2023. RBI has now extended them further for three months, from the close of business on October 08, 2023 to the close of business on January 08, 2024, with all other terms and conditions unchanged.