The Reserve Bank of India has again notified that Shree Ganesh Sahakari Bank based in Nashik would continue to be under for a period of six months further.
It was on April 01, 2013 that the UCB was placed under Direction for the first time. Since the Bank failed to improve its performance the directive was extended six times for a period of six months each.
In the latest notification RBI says “It is hereby notified for the information of the public that the directive dated April 01, 2013 issued to Shree Ganesh Sahakari Bank Ltd., Nashik, shall continue to apply to the bank for a further period of six months from September 30, 2016 to March 29, 2017.
The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated September 26, 2016 is displayed at the bank’s premises for the perusal of public, the RBI release says.
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, the release clarifies.