Case Brief
What Happened
The Reserve Bank of India extended the existing Directions on The Rajapur Sahakari Bank Ltd, Mumbai for three more months, from close of business on June 14, 2024 to close of business on September 14, 2024. The action is taken under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and follows prior directions first issued on June 13, 2023 and extended earlier. The release notes that all other terms and conditions remain unchanged and makes clear that the extension should not be interpreted as RBI being satisfied with the bank’s financial position.