Case Brief
What Happened
The Reserve Bank of India extended the existing Directions applicable to Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under Directions from March 10, 2023, and the validity had already been extended multiple times, with the last extension running up to June 10, 2024. By the June 06, 2024 directive, RBI continued the same Directions for a further three months, up to close of business on September 10, 2024, subject to review. The release states that all other terms and conditions remain unchanged and cautions that the extension should not be construed as RBI being satisfied with the bank’s financial position.