In a press release RBI has said that the Directives issued to Ajinkyatara Sahakari Bank based in Satara, Maharashtra on September 28, 2015, has been extended for a period of six months up to September 30, 2017.
The UCB was placed under directions beginning September 2015. The validity of the directions was extended from time to time.
The other terms and conditions of the directives under reference remain unchanged.
A copy of the directive dated March 20, 2017 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank, RBI clarified.