In a press release RBI has said that Directions on the Shivam Sahakari Bank shall continue to apply to the bank for a further period of three months from August 01, 2020 to October 31, 2020, subject to review.
Based in Ichalkaranji, Kolhapur, the UCB was placed under directions vide directive dated May 18, 2018, from close of business on May 19, 2018. The validity of the directions was extended from time to time.
Other terms and conditions of the Directive under reference shall remain unchanged. A copy of the Directive is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and/or 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.