Case Brief
What Happened
The Reserve Bank of India has further extended the validity of directions imposed on Shri Siddhivinayak Nagari Sahakari Bank Ltd., Rasayani, Dist. Raigad, Maharashtra. The directions, originally issued on September 29, 2011 and earlier extended on March 14, 2012, were extended again via a modified directive dated September 14, 2012 for the period September 29, 2012 to March 28, 2013. The RBI stated that all other terms and conditions remain unchanged and that the modification should not be construed as satisfaction with any substantive improvement in the bank’s financial position.