Document title: Directions under Section 35A – Extension of Period for Sonpeth Nagari Sahakari Bank
Issuing authority: Reserve Bank of India
Reference number: Press Release: 2026-2027/750
Date: July 24, 2026
Regulatory and Policy Measures
The Reserve Bank of India, exercising powers under sub‑section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, has issued a new directive extending the operational period for Sonpeth Nagari Sahakari Bank Maryadit. The earlier Directive No. NGP.DOS.SSM 3.No.S403/15‑04‑395/2025‑2026 dated July 29 2025 provided a six‑month period ending on 30 January 2026, which was subsequently extended by Directive No. DOR.MON/D‑09/12.22.718/2026‑27 dated 22 April 2026 to 30 July 2026. The current extension adds a further three months, moving the expiry to close of business on 30 October 2026, subject to review.
RBI expressly states that this extension and any modification should not be construed as an indication that the Bank’s financial position is satisfactory. All other terms and conditions of the original directive remain unchanged. The extension is deemed necessary in the public interest.
In conclusion, the RBI continues its supervisory oversight of Sonpeth Nagari Sahakari Bank, extending the directive while emphasizing ongoing concerns about the bank’s financial health and maintaining the existing regulatory framework.