Case Brief
What Happened
The Reserve Bank of India extended the existing Directions imposed on Sangli Sahakari Bank Limited, Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions from the close of business on July 08, 2022, and the validity had been extended from time to time, last up to January 08, 2024. This latest order extends the same directions for a further three months, from the close of business on January 08, 2024 to the close of business on April 08, 2024, subject to review, with all other terms and conditions remaining unchanged.