RBI Direction on the Maratha Sahakari Bank has been extended further for a period of four months from April 01, 2020 to July 31, 2020, reads a release from the regulator.
The UCB was first put under direction on August 31, 2016. The validity of the directions was extended from time to time.
Other terms and conditions of the Directive under reference as modified from time-to-time, shall remain unchanged. A copy of the directive dated March 18, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of 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, clarifies the release.