Case Brief
The Reserve Bank of India extended the Directions earlier issued to Shri Ganesh Sahakari Bank Ltd., Nashik for a further three months, with validity now up to December 29, 2018, subject to review. These Directions were issued under section 35A(1) of the Banking Regulation Act, 1949 (AACS). RBI clarified that the order should not be construed as cancellation of the bank’s licence and stated that the bank will continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Nashik, Maharashtra
- Order Date