Case Brief
What Happened
RBI has extended the existing Section 35A directions applicable to Lokseva Sahakari Bank Ltd., Pune, Maharashtra. The bank had originally been placed under directions from May 20, 2014, and the directions were extended several times before this further extension. Under the May 17, 2017 directive, the order was continued for four more months from May 20, 2017 to September 19, 2017, subject to review. The other terms and conditions of the directive remain unchanged, and RBI clarified that the modification should not be taken to mean it is satisfied with the bank’s financial improvement.