Case Brief
RBI extended the directions previously issued to Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra. The bank had been placed under directions for six months by a directive dated June 14, 2016, effective from the close of business that day. RBI’s modified directive dated December 07, 2016 extended the validity of those directions for a further six months, from December 15, 2016 to June 14, 2017, subject to review. The release states that all other terms and conditions of the original directive remain unchanged and adds that the modification should not be construed as evidence of substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra