Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its existing 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 directive, originally issued on February 23, 2023 and last extended up to May 24, 2024, has now been extended for a further three months until close of business on August 24, 2024. The release states that all other terms and conditions remain unchanged and that the extension is subject to review.