The Shatabdi Mahila Sahakari Bank based in Thane, Maharashtra which was placed under directions for a period of six months through a directive in August 14, 2014 has yet another shocker from RBI when the validity of the directive was further extended.
RBI release says “It is hereby notified for the information of the public that the period of operation of the directive dated August 14, 2014 read with directive dated February 04, 2015 has been extended for a further period of three months from the close of business on August 18, 2015 to November 17, 2015.
The direction would indeed be a subject to review. The other terms and conditions remain unchanged. A copy of the directive dated July 21, 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.