Recorded RBI impact
Extension
Business restriction · Extension
Published by RBI
13 Sept 2024
Case Brief
The Reserve Bank of India has extended the existing Directions on The Rajapur Sahakari Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally placed on the bank in June 2023 and previously extended up to September 14, 2024, now continue from close of business on September 14, 2024 until close of business on October 14, 2024, subject to review. RBI also clarifies that all other terms and conditions of the directives remain unchanged.
Why RBI Acted
RBI had originally placed The Rajapur Sahakari Bank Ltd., Mumbai under Directions on June 13, 2023 for six months, and the validity had already been extended from time to time. In this release, RBI further extends the same Directions for one month, from close of business on September 14, 2024 to close of business on October 14, 2024, subject to review. The release states that all other terms and conditions remain unchanged.
Operating Impact
The bank remains subject to the same RBI operating restrictions during the extended period, and those conditions continue to govern its business until October 14, 2024 unless further modified or withdrawn. The release does not specify any change in operational terms, only the continuation of the existing directions.
Regulatory Basis
- Section 35A of the Banking Regulation Act, 1949
- Section 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Extension
- Order Date
- 10 Sept 2024
- Effective From
- 14 Sept 2024
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Bank