Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing directions imposed on The Rajapur Sahakari Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally effective from June 14, 2023 to December 14, 2023, will now continue from close of business on December 14, 2023 to close of business on March 14, 2024, subject to review. The release says all other terms and conditions remain unchanged and explicitly notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.