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The Reserve Bank of India (RBI) has extended the validity of directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 for Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra. The original directions were issued on February 23, 2023, for six months and were last extended until August 24, 2024.
In the public interest, RBI has now further extended the directives for three months, from August 24, 2024, to November 24, 2024, subject to review. All other terms and conditions of the directive remain unchanged.
The directives continue to ensure that the bank adheres to regulatory compliance, including cybersecurity measures, secure handling of customer data, and operational risk management, in line with RBI’s supervisory framework.
[RBI]