The Maratha Sahakari Bank which was placed under directions from close of business on August 31, 2016 would continue to remain so, according to a latest press release from RBI.
The Directions shall continue to apply to the bank for a further period of three months from September 01, 2018 to November 30, 2018, vide Directive dated August 24, 2018 subject to review, read the release.
The validity of the directions was extended from time to time as the UCB has failed to mend its ways. A copy of the directive dated August 24, 2018 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The aforesaid extension of the directions 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 regulator notes.