Case Brief
What Happened
The Reserve Bank of India has continued the Directions already applicable to Sarvodaya Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. These directions, first placed on the bank on April 15, 2024 and subsequently extended from time to time, were last valid up to July 15, 2025. The new press release states that the same directions will continue from the close of business on July 15, 2025 until the close of business on October 15, 2025, subject to review, with all other terms and conditions unchanged.