The Direction of the Shivaji Rao Bhosale Sahakari Bank, Pune has been extended for a further period of three months from December 05, 2020 to March 04, 2021, according to a press release from the RBI.
The UCB was placed under directions from close of business on May 04, 2019 for a period of six months. The validity of the directions was last extended up to December 04, 2020.
Other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated December 02, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of the public.
The aforesaid extension 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.