Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing directions issued to Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on February 23, 2023 and last extended to November 24, 2023, are now continued for an additional three months up to close of business on February 24, 2024, subject to review. The RBI said the extension was made in public interest and that all other terms and conditions remain unchanged.