Case Brief
The Reserve Bank of India extended the period of operation of the existing directive against Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur for a further six months, from December 1, 2015 to May 31, 2016. The release notes that the bank had already been placed under directions from August 30, 2014, and that the directive had been extended twice earlier. The modified directive dated November 23, 2015 leaves all other terms and conditions unchanged and is subject to review. RBI also clarifies that the extension should not be read as indicating substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Kolhapur