The Nashik based Urban Cooperative Bank called Shri Ganesh Sahakari Bank Ltd which had been put under Direction by the regulator Reserve Bank of India in April 2013 had no relief even after passage of one year.
In a fresh press release the apex bank says “It is hereby notified for the information of the public that validity period of directions imposed on Shree Ganesh Sahakari Bank Ltd., Nashik on April 01, 2013 has been extended for a further period of six months from April 02, 2014 to October 01, 2014.
RBI says that the matter would be reviewed as other terms and conditions remain unchanged. A copy of the direction dated March 27, 2014 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, the release clarifies.