The Reserve Bank of India which had placed the Shivam Sahakari Bank based Ichalkaranji, Kolhapur under Directions on May 19, 2018 has extended the same for the UCB.
In a press release 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 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 for a further period of three months till August 19, 2019 vide directive dated May 13, 2019.”
A copy of the aforesaid directive notifying the extended period 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 with the financial position of the bank.