Reserve Bank issued Directions under Section 35 A of the Banking Regulation Act, 1949 (As Applicable) to Co-operative Societies) to Maratha Sahakari Bank Ltd., Mumbai vide Directive dated August 31, 2016 for a period of 6 months, (i.e. up to February 28, 2017) which was modified vide subsequent Directive dated February 23, 2017 The Directions are valid for a period of six months up to August 31, 2017, subject to review.
The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated August 31, 2016 issued to Maratha Sahakari Bank Ltd, Mumbai and as modified vide dated February 23, 2017. Accordingly, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of section 35A read with Section 56 of the Banking Regulation Act 1949, hereby directs that the Directive dated August 31, 2016 issued to Maratha Sahakari Bank Ltd, Mumbai, as modified from time to time , the validity of which was extended upto August 31, 2017, shall continue to apply to the bank for a further period of six months from September 01, 2017 to February 28, 2018 subject to review.
Others terms and conditions of the Directive under reference as modified from time to time remain unchanged.
Press Release : 2017-2018/594