The Reserve Bank of India which had placed the Shivam Sahakari Bank based in Ichalkaranji in Kolhapur under Directions from the close of business on May 19, 2018, has again extended it.
In a release the RBI noted “It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it hereby directs that the aforesaid Directive shall continue to apply to the bank till May 31, 2020 subject to review.”
A copy of the aforesaid directive notifying the extended period is displayed at the bank’s premises for the perusal of the public, the release read.
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 release concluded.