Case Brief
What Happened
The Reserve Bank of India notified that the validity of its directions issued to Shree Ganesh Sahakari Bank Ltd., Nashik, under Section 35A of the Banking Regulation Act, 1949 (AACS), had been extended. The modified directive dated March 27, 2014 continued the earlier directions from April 02, 2014 to October 01, 2014, subject to review, and stated that all other terms and conditions would remain unchanged. RBI also clarified that this modification should not be taken to mean it was satisfied with any substantive improvement in the bank’s financial position.