Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing directions issued to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on July 21, 2022 and previously extended up to April 22, 2024, will now continue from the close of business on April 22, 2024 until the close of business on July 22, 2024, subject to review. RBI says the extension is necessary in the public interest and that all other terms and conditions of the directive remain unchanged.