Case Brief
The Reserve Bank of India stated that the directive issued on May 18, 2018 placing Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. Kolhapur, Maharashtra, under Directions from the close of business on May 19, 2018 shall continue to apply until March 31, 2020, subject to review. The release cites Section 35A of the Banking Regulation Act, 1949 read with Section 56. It also notes that the extension or modification should not be construed as RBI being satisfied with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Maharashtra
- Order Date