Case Brief
The Reserve Bank of India has extended the existing Section 35A directions applicable to Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra. The directive, originally issued on May 18, 2018 and previously extended up to July 31, 2020, will now continue from August 1, 2020 to October 31, 2020. The release explicitly states that all other terms and conditions remain unchanged and that the extension should not be construed as indicating RBI satisfaction with substantive improvement in the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Ichalkaranji, Maharashtra
- Order Date