Case Brief
What Happened
The Reserve Bank of India extended the existing Directions imposed on 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 close of business on March 10, 2023 for six months, and the validity had been extended from time to time, last up to December 10, 2024. The new directive dated December 06, 2024 continues the same Directions from close of business on December 10, 2024 till close of business on March 10, 2025, subject to review, with all other terms and conditions unchanged.