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Date : Jan 19, 2024
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra – Extension of Period

The Reserve Bank of India issued Directions to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide Directive CO.DOS.SED.No.S2598/12-07-005/2022-2023 dated July 21, 2022, for a period of six months up to the close of business on January 22, 2023, as modified from time to time, which was last extended up to the close of business on January 22, 2024 vide Directive DOR.MON.D-79/12.22.705/2023-24 dated October 18, 2023.

2. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond the close of business on January 22, 2024.

3. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby extends the Directive for a further period of three months from the close of business on January 22, 2024 to the close of business on April 22, 2024, subject to review.

4. All other terms and conditions of the Directive under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1708


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