Case Brief
The Reserve Bank of India has 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 bank had originally been placed under directions on April 15, 2024, and those directions had already been modified and extended previously up to January 15, 2025. Under the latest directive dated January 10, 2025, the same restrictions continue to apply from the close of business on January 15, 2025 until the close of business on April 15, 2025, subject to review, with all other terms and conditions unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai