Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing directions on Shri Shivaji Sahakari Bank Ltd., Gadhinglaj, Kolhapur, for a further six months, from April 25, 2014 to October 24, 2014. The order was issued under Section 35A of the Banking Regulation Act, 1949 (AACS), and the modified directive specifies that all other terms and conditions remain unchanged. RBI also noted that the modification should not be taken to mean that it was satisfied with any substantive improvement in the bank’s financial position.