Case Brief
What Happened
RBI extended the Directions already in place against Shatabdi Mahila Sahakari Bank Ltd., Thane, District-Thane, Maharashtra, for a further six-month period from the close of business on February 19, 2015, subject to review. The bank had been under directions since August 20, 2014. The order was issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. The release also notes that the extension should not be construed as RBI being satisfied with any substantive improvement in the bank's financial position.