The Reserve Bank of India notified that Shree Ganesh Sahakari Bank Ltd., Nashik was placed under directions for a period of six months vide directive No. UBD.CO.BSD-I/D-39/12.22.435/2012-13 dated April 01, 2013 under Section 35A of the Banking Regulation Act, 1949 (AACS). The validity of the aforesaid directive was extended four times for a period of six months each vide our directives dated September 23, 2013, March 27, 2014, September 17, 2014 and March 19, 2015 respectively. It is hereby notified for the information of the public that the period of operation of the directive dated April 01, 2013 issued to Shree Ganesh Sahakari Bank Ltd., Nashik, the validity of which was extended upto September 29, 2015, shall continue to apply to the bank for a further period of six months from September 30, 2015 to March 29, 2016 vide modified directive No. DCBR.CO.AID/D-17/12.22.435/2015-16 dated September 15, 2015, subject to review. The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated September 15, 2015 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.

Ajit Prasad
Assistant General Manager

Press Release: 2015-2016/779