The Reserve Bank of India has extended the Directions earlier issued to Shri Ganesh Sahakari Bank Ltd, Nashik for a further period of three months. The Directions are now valid up to December 29, 2018, subject to review.
The Directions were imposed in exercise of powers vested in the Reserve Bank. A copy of the Directions is displayed on the bank’s premises for perusal by interested members of public.
The issue of the Directions by the Reserve Bank should not, per se, be construed as cancellation of banking license by the Reserve Bank.
The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.