Case Brief
What Happened
The Reserve Bank of India has further 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, originally issued on February 23, 2023 and last extended up to February 24, 2025, now continues from close of business on February 24, 2025 until close of business on May 24, 2025, subject to review. The RBI explicitly states that all other terms and conditions of the directive remain unchanged.