Case Brief
The Reserve Bank of India notified an extension of the Directions already in force against Maratha Sahakari Bank Limited, Mumbai, Maharashtra. The bank had originally been placed under Directions from the close of business on August 31, 2016, and the release states that those directions, earlier valid up to November 30, 2022, will continue to apply till February 28, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949. All other terms and conditions remain unchanged, indicating a continuation of the existing operational restrictions rather than a new penalty or a withdrawal of the order.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra