The apex bank of India RBI has decided to keep the Kolhapur based Urban Cooperative bank “Shri Shivaji Sahkari bank under directions for next six months.
In its release the RBI says “It is hereby notified for the information of the public that validity period of directions imposed on Shri Shivaji Sahakari Bank Ltd., Gadhinglaj, Dist. Kolhapur vide RBI’s directive UBD.CO.BSD-I.No.D-61/12.22.249/2011-12 dated October 24, 2011 has been extended for a further period of six months from April 25, 2013 to October 24, 2013”.
The decision on the bank would be taken after reviewing the performance of the UCB once the direction period is over.
A copy of the direction dated April 16, 2013 notifying the above modification is displayed at the bank’s premises for the perusal of public, the release reads.
RBI was also quick to add that the modification 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.
