Case Brief
What Happened
The Reserve Bank of India has extended the operative period of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra. The directions, originally issued on February 23, 2023 and previously extended up to August 24, 2024, will now continue from close of business on August 24, 2024 until close of business on November 24, 2024, subject to review. The press release does not describe any new violation or additional penalty; it only continues the prior restriction unchanged.