Case Brief
What Happened
The Reserve Bank of India extended the existing Directions imposed on The Rajapur Sahakari Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions were issued on June 13, 2023 and had already been extended earlier; this latest order keeps them in force from the close of business on March 14, 2024 until the close of business on June 14, 2024, subject to review. The release states that all other terms and conditions remain unchanged and notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.