There is a good news for Nashik based Shri Ganesh Sahakari Bank. It also deserves kudos from the entire cooperative fraternity. The UCB has, by its efforts convinced the regulator that the Directions imposed on it is no longer required.
As a result the RBI has withdrawn the All Inclusive Directions issued to Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra with effect from close of business as on March 26, 2019.
The bank will continue to undertake regular banking business hereafter. The Directions were imposed from the close of business on April 01, 2013. Reserve Bank of India has now withdrawn the same.
This is uncommon as mostly UCBs tend to move towards closure once the RBI imposes Directions due to bank’s hanky panky.