Case Brief
What Happened
The Reserve Bank of India extended the existing directive 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, first issued on February 23, 2023 and last extended on August 20, 2024, is now continued from close of business on November 24, 2024 until close of business on February 24, 2025, subject to review. RBI states that the other terms and conditions of the directive remain unchanged.