In a notification RBI says “It is hereby notified for the information of the public that the period of operation of the directive for Shatabdi Mahila Sahakari Bank Ltd., Thane has been extended for a further period of six months from the close of business on November 17, 2015 to May 17, 2016 subject to review.
For the first time it was on August 20 2014 that the Reserve Bank of India had put Shatabdi Mahila Sahakari Bank under directions for a period of six months. It went on extending the period in the face of no improvement in the working of the UCB.
RBI says “the other terms and conditions remain unchanged. A copy of the directive dated November 04, 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, release reads.