Case Brief
What Happened
RBI notified that the directions imposed on Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, under Section 35A of the Banking Regulation Act, 1949 (AACS) would continue for a further three months from June 15, 2017 to September 14, 2017. These directions had originally been issued on June 14, 2016 and earlier extended on December 7, 2016. The current order keeps all other terms and conditions unchanged and is subject to review. RBI also clarified that the modification should not be interpreted as indicating substantive improvement in the bank’s financial position.