The apex bank, in a press release said that it is not happy yet with the functioning of the bank and thus has decided to increase its period of direction by another six months starting September 30,2014.
The release read “The Reserve Bank of India has notified that the directions imposed on Shree Ganesh Sahakari Bank Ltd., Nashik, vide RBI directive dated April 01, 2013 the validity of which was extended up to September 30, 2014 shall continue to apply to the bank for a further period of six months from the close of business on September 30, 2014 vide directive dated September 17, 2014 subject to review.”
The regulator has clarified that other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated September 17, 2014 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, the release posted on RBI website says.