The Direction imposed on Shivaji Rao Bhosale Sahakari Bank, Pune shall continue to apply to the bank for a further period of two months from August 05, 2020 to October 04, 2020, subject to review, says RBI in a press release.
The UCB was placed under direction from the close of business on May 04, 2019. The validity of the above directions were extended from time to time.
All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated July 31, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension and/or 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.