Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, was placed under directions for a period of six months vide directive dated June 14, 2016 from the close of business on June 14, 2016. The validity of the directions was extended from time to time vide subsequent Directives, the last being upto March 14, 2018 vide Directive dated September 08, 2017, 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 June 14, 2016 issued to Sanmitra Sahakari Bank Maryadit, Mumbai, as modified from time to time, the validity of which was last extended upto March 14, 2018 vide Directive dated September 08, 2017, shall continue to apply to the bank for a further period of four months from March 15, 2018 to July 14, 2018, vide Directive dated March 09, 2018, subject to review.
The other terms and conditions of the Directive under reference as modified from time to time shall remain unchanged.
A copy of the directive dated March 09, 2018 notifying the above modification 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.
Anirudha D. Jadhav
Press Release : 2017-2018/2446