Case Brief
The Reserve Bank of India notified an extension of the existing directions issued to Shivaji Rao Bhosale Sahakari Bank Ltd., Pune under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The directions, first issued on May 03, 2019 and previously extended from time to time, were continued for a further period of two months from August 05, 2020 to October 04, 2020, subject to review. All other terms and conditions of the directions remain unchanged, and RBI clarified that the extension should not be interpreted as satisfaction with any substantive improvement in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra