Case Brief
What Happened
The Reserve Bank of India has withdrawn the Directions issued to Saibaba Janata Sahakari Bank Limited, Latur under Section 35A read with Section 56 of the Banking Regulation Act, 1949. These directions had originally been issued on July 21, 2022, were modified from time to time, and were last extended up to the close of business on December 22, 2024. Following a review of the bank's financial position, RBI said the withdrawal was necessary in public interest and took effect from the close of business on November 26, 2024.