The validity of Directions on the Maratha Sahakari Bank, Mumbai has been further extended for six months from April 01, 2019 to September 30, 2019, subject to review, RBI said in a press release.
The UCB was first placed under directions from close of business on August 31, 2016 vide directive dated August 31, 2016. The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated November 27, 2018 and was valid upto March 31, 2019 subject to review.
A copy of the directive dated March 25, 2019 notifying the above extension is displayed at the bank’s premises for the perusal of public.
The extension of Directions 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, RBI clarified.