Case Brief
The Reserve Bank of India said that the existing directions imposed on The Maratha Sahakari Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, would continue for a further period of three months from January 1, 2020 to March 31, 2020. The order is an extension of the earlier directive first issued on August 31, 2016 and last extended on September 25, 2019. No new terms were introduced; the previous terms and conditions remain unchanged, and the RBI clarified that the extension should not be taken to mean the bank’s financial position has substantively improved.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra