The Reserve Bank of India extended the period of directions on two Maharashtra based Shirpur Merchants Cooperative Bank and Sangli Sahakari Bank for a further period of three months on Tuesday.
The Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, extended the Directive for a further period of three months from the close of business on October 08, 2024 to the close of business on January 08, 2025, subject to review.
“All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated October 03, 2024, notifying the above extension is displayed at the bank’s premises for the perusal of the public”, said RBI.
It further added, “The aforesaid extension and /or modification by the Reserve Bank of India should not per-se be construed to imply that the Reserve Bank of India is satisfied with the financial position of the bank”, the apex bank said.