The Reserve Bank of India vide directive dated May 03, 2019 had placed the Shivajirao Bhosale Sahakari Bank Ltd., Pune, under Directions from the close of business on May 04, 2019.
It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under Sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 read with Section 56 of the said Act, hereby directs that the aforesaid Directive shall continue to apply to the bank till May 04, 2020 subject to review vide directive dated October 18, 2019.
A copy of the aforesaid directive notifying the extended period is displayed at the bank’s premises for the perusal of public.
The aforesaid extension and or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied with the financial position of the bank.
Chief General Manager
Press Release: 2019-2020/1029