Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of the 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 original directive was issued on February 23, 2023 and had last been extended up to the close of business on February 24, 2024. RBI has now extended the same directive further, from the close of business on February 24, 2024 to the close of business on May 24, 2024, subject to review. The release explicitly says that all other terms and conditions remain unchanged.