Case Brief
The Reserve Bank of India issued a fresh extension order under Section 35A read with Section 56 of the Banking Regulation Act, 1949, stating that the existing directions applicable to Maratha Sahakari Bank Ltd., Mumbai shall continue till November 30, 2021. The bank had originally been placed under directions from August 31, 2016, and the validity had been extended periodically before this release. The RBI also clarified that all other terms and conditions of the directives would remain unchanged and that the extension should not be construed as satisfaction with the bank's financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra