RBI extends Directions issued to
Shree Ganesh Sahakari Bank Ltd., Nashik, Maharashtra
March 26, 2015
The Reserve Bank of India has extended the
validity of Directions issued to Shree Ganesh Sahakari Bank Ltd., Nashik,
Maharashtra for a further period of six months from March 30, 2015 to September 29, 2015 subject to review. The
bank was under
directions since April 01, 2013 which were extended thrice for a period of six months each from the close of business on
October 01, 2013, April 01, 2014 and September 30, 2014.
The Reserve Bank has issued these directions
in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act,
1949 (As Applicable to
Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949.
The issue of the Directions by the Reserve
Bank should per se not be construed to
imply that the Reserve Bank is satisfied about substantive improvement in the
financial position of bank.
Ajit Prasad
Press Release: 2014-2015/2030 Assistant General Manager
