Case Brief
What Happened
The Reserve Bank of India has extended the existing directions applicable to Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions on June 13, 2023, and the validity had already been extended from time to time, most recently until December 14, 2024. This latest directive continues the same restrictions from close of business on December 14, 2024 until close of business on March 14, 2025, subject to review, with all other terms and conditions unchanged.