Case Brief
The Reserve Bank of India has extended the directions already in force for Pune Sahakari Bank Ltd., Shivajinagar, Pune, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, which had been placed from the close of business on March 10, 2023, are now continued for a further three months from the close of business on September 10, 2023, until the close of business on December 10, 2023, subject to review. The release says that all other terms and conditions of the original directives remain unchanged and makes clear that the extension should not be interpreted as RBI being satisfied with the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra