Case Brief
The Reserve Bank of India extended the applicability of the earlier Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Sangli Sahakari Bank Limited, Mumbai, Maharashtra. The original directive had placed the bank under Directions from the close of business on July 08, 2022 for six months, and the January 05, 2023 directive continued those Directions till April 08, 2023, subject to review. The release expressly says that all other terms and conditions remain unchanged, and also notes that the extension should not be construed as RBI being satisfied with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra