Case Brief
What Happened
RBI notified that the validity of the directions earlier imposed on Swami Samarth Sahakari Bank Ltd., Akkalkot, Solapur, Maharashtra, has been extended further for six months, from September 30, 2012 to March 29, 2013. The extension was issued through a modified directive dated September 14, 2012, and all other terms and conditions of the original directions remain unchanged. RBI added that the modification should not be construed as indicating substantive improvement in the bank's financial position.