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