No end of woes for Shree Ganesh Sahakari Bank

The Directions on Nashik based Shree Ganesh Sahakari Bank has been extended further for a  period of six months from September 30, 2017 to March 29, 2018, according to a press release from the regulator.

The UCB was first place under restriction from close of business on April 02, 2013. The validity of the directions was extended from time to time vide subsequent modified Directives, the last being Directive dated March 24, 2017 upto September 29, 2017.

A copy of the directive dated September 25, 2017 notifying the above extension is displayed at the bank’s premises for the perusal of public, adds the release.

The aforesaid extension and 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, it added.

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