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Date: 28/02/2018
Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The Maratha Sahakari Bank Ltd, Mumbai, Maharashtra

The Maratha Sahakari Bank Ltd, Mumbai, Maharashtra, was placed under directions from close of business on August 31, 2016 vide directive dated August 31, 2016, The validity of the directions was extended from time to time vide subsequent Directives, the last being Directive dated August 28, 2017 and was valid upto February 28, 2018 subject to review.

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 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated August 31, 2016, as modified from time to time, issued to the above bank, the validity of which was last extended upto February 28, 2018 shall continue to apply to the bank for a further period of six months from March 01, 2018 to August 31, 2018, vide Directive dated February 26, 2018 subject to review.

A copy of the directive dated February 26, 2018 notifying the above extension 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 of substantive improvement in the financial position of the bank.

Ajit Prasad
Assistant Adviser

Press Release : 2017-2018/2324

 
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