The Reserve Bank of India notified that Ajinkyatara Sahakari Bank Ltd., Satara, Maharashtra was placed under directions from the close of business on September 30, 2015, for a period of six months, vide directive dated September 28, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS). It is hereby notified for the information of the public that the aforesaid directive dated September 28, 2015 issued to Ajinkyatara Sahakari Bank Ltd., Satara, shall continue to apply to the bank for a further period of six months up to September 30, 2016 vide modified directive dated March 29, 2016, subject to review. The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated March 29, 2016 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.
Press Release: 2015-2016/2301