Choundeshwari Sahakari Bank based in Ichalkaranji, Kolhapur, was placed under directions for a period of six months the close of business on August 30, 2014. The validity of the directions was extended twice, vide order dated February 05, 2015 for a period of six months and dated July 31, 2015 for a period of three months.
In a press release RBI said that “It is hereby notified for the information of the public that the period of operation of the directive dated August 28, 2014 read with directive dated February 05, 2015 and July 31, 2015 has been extended for a further period of six months from December 1, 2015 to May 31, 2016 subject to review.”
The other terms and conditions of the directive under reference remain unchanged. A copy of the directive dated November 23, 2015 notifying the above modification is displayed at the bank’s premises for the perusal of public.
The aforesaid 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.