Case Brief
The Reserve Bank of India has extended the validity of the Directions issued to Shree Ganesh Sahakari Bank Ltd., Nashik, Maharashtra for a further six months, from March 30, 2015 to September 29, 2015, subject to review. These directions had been in force since April 1, 2013 and were extended earlier on three occasions. The action was taken under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. RBI clarified that the extension should not be taken to indicate substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra