Reserve Bank of India, in the public interest, had issued directions to Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra in exercise of powers vested in it, according to a press release from RBI.
Reserve Bank of India has now further extended the directions for a period of three months from December 30, 2018 to March 28, 2019. A copy of Directive is displayed at the bank’s premises for perusal of public.
Reserve Bank of India may consider modifications of the Directions depending upon the circumstances. The issue of Directions should not per se be construed as cancellation of banking license by the Reserve Bank of India.
The bank will continue to undertake banking business with restrictions till its financial position improves.