Case Brief
What Happened
RBI notified an extension of the existing directions applicable to Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, District Pune, Maharashtra. The original directions, first issued on September 10, 2014 and extended several times thereafter, were further extended by a modified directive dated June 6, 2016 for three months from June 10, 2016 to September 10, 2016. The release says the other terms and conditions remain unchanged and adds that the extension should not be interpreted as RBI being satisfied with any substantive improvement in the bank's financial position.