Case Brief
The Reserve Bank of India has extended the period of its earlier directions issued to Shivajirao Bhosale Sahakari Bank Ltd., Pune, Maharashtra. The bank had first been placed under Directions by directive dated May 03, 2019, effective from the close of business on May 04, 2019. Under Section 35A of the Banking Regulation Act, 1949 read with Section 56, RBI now directs that the same directive shall continue to apply till May 04, 2020, subject to review vide directive dated October 18, 2019. The release also clarifies that the extension/modification should not be taken to mean that RBI is satisfied with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra