The Reserve Bank of India has extended the direction on the Shivam Sahakari Bank based in Kolhapur, Maharashtra till October 19, 2019, subject to review. The UCB was put under Directions from the close of business on May 19, 2018.
In a press release RBI says “It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act, hereby directs that the aforesaid Directive shall continue to apply to the bank till October 19, 2019, subject to review, vide directive dated August 05, 2019.”
A copy of the aforesaid directive notifying the extended period is displayed at the bank’s premises for the perusal of public, it adds.
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 with the financial position of the bank, the RBI clarifies
