Case Brief
What Happened
The Reserve Bank of India has extended the period of the existing directions on Sangli Sahakari Bank Limited, Mumbai, Maharashtra, which were first placed in force on July 08, 2022 and had previously been extended up to April 08, 2024. Under Section 35A read with Section 56 of the Banking Regulation Act, 1949, the RBI has now extended the directions from the close of business on April 08, 2024 to the close of business on October 08, 2024, subject to review. The release makes clear that all other terms and conditions of the directives remain unchanged and that the extension should not be construed as satisfaction with the bank's financial position.