Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions already imposed on Abhinav Sahakari Bank Ltd., Rahuri, Ahmednagar, Maharashtra under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension runs from October 17, 2012 to April 16, 2013, and the RBI clarified that all other terms and conditions of the original directive remain unchanged. The release also says the modification should not be interpreted as evidence of substantive improvement in the bank’s financial position.