RBI has notified that the Directions imposed on Nashik based UCB Shree Ganesh Sahakari Bank would continue for a further period of six months.
In a release the apex bank said “It is hereby notified for the information of the public that the directive dated April 01, 2013 issued to Shree Ganesh Sahakari Bank Ltd., Nashik, the validity of which was extended upto March 29, 2016, shall continue to apply to the bank for a further period of six months from March 30, 2016 to September 29, 2016”.
The regime of Directions started on the UCB from April 01, 2013 under Section 35A of the Banking Regulation Act, 1949 (AACS). The validity of the aforesaid directive was extended five times for a period of six months
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, the RBI release adds.