Mumbai based Sanmitra Sahakari Bank’s trouble continues as the Reserve Bank of India has extended Directions on it again for a further period of three months from June 15, 2017 to September 14, reads a RBI press release.
The UCB was for the first time placed under directions for a period of six months on June 14, 2016. The validity of the directions was extended for a period of six months again on December 07, 2016.
In this third case of Direction RBI says that other terms and conditions of the Directive would remain unchanged. A copy of the Directive dated June 08, 2017 notifying the above modification is displayed at the bank’s premises for the perusal of public.
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, RBI clarifies.
