Case brief
RBI extended existing Section 35A directions on Shri Shivaji Sahakari Bank Ltd., Gadhinglaj for another six months. The original restrictions continue unchanged.
Impact
The bank remains subject to the same RBI-imposed operating restrictions for the extended period through October 24, 2014. Customers and counterparties continue to face the consequences of the directions, and the bank must comply with the unchanged terms until the order is reviewed or otherwise modified.
Why RBI acted
Regulatory basis
- Section 35A of the Banking Regulation Act, 1949