Case brief
RBI has extended the period of Directions under Section 35A read with Section 56 for Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru.
Impact
The bank remains subject to RBI’s existing directions for the extended period and must continue operating within whatever restrictions were already imposed. Customers and counterparties may continue to face the consequences of those restrictions until the directions expire or are otherwise modified or withdrawn.
Regulatory basis
- Section 35A read with Section 56 of the Banking Regulation Act, 1949