Case Brief
The Reserve Bank of India extended the existing directions on Sarvodaya Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The prior order, originally effective from April 15, 2024 for six months, was continued from close of business on October 15, 2024 to close of business on January 15, 2025, subject to review. The release says all other terms and conditions remain unchanged and explicitly 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
- Order Date