Case Brief
RBI notified that the directions originally issued to Shree Ganesh Sahakari Bank Ltd., Nashik under Section 35A of the Banking Regulation Act, 1949 (AACS) would continue for another six months. The earlier directive, first issued on April 1, 2013 and extended several times, was modified on September 15, 2015 so that it would apply from September 30, 2015 to March 29, 2016, with all other terms and conditions unchanged. RBI also clarified that the modification should not be taken to mean it was satisfied with any substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra