Case Brief
The Reserve Bank of India has extended the validity of the directions imposed on Nashik Zilla Girna Sahakari Bank Ltd., Nashik, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The directions, originally issued on September 8, 2015 and repeatedly extended thereafter, were continued for a further six months from September 10, 2017 to March 9, 2018. RBI stated that the other terms and conditions of the directive remain unchanged and that the extension should not be construed as indicating substantive improvement in the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra
- Order Date