RBI Extends Restrictions on Shirpur Merchants' Co-operative Bank Amid Financial Challenges

The Reserve Bank of India (RBI) has extended the period of restrictions imposed on The Shirpur Merchants' Co-operative Bank Ltd., Shirpur, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. These directions, initially issued for six months starting April 8, 2024, have been extended multiple times, with the latest extension running until April 8, 2025.

 

Here are the key highlights:

Source: Business Standard, Indian Cooperative, LexSite.