Case Brief
The Reserve Bank of India extended the existing directives issued to Maratha Sahakari Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions on August 31, 2016, and the latest prior extension had kept them valid up to July 31, 2020. The current notification continues the same directives from August 1, 2020 to December 31, 2020, subject to review, with all other terms and conditions unchanged. RBI also clarified that the extension should not be taken to mean it was satisfied with the bank's financial improvement.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra