Case Brief
What Happened
RBI notified that the Section 35A directions originally placed on The Maratha Sahakari Bank Ltd, Mumbai, Maharashtra from close of business on August 31, 2016 would continue for a further six months. The last prior extension had been valid up to February 28, 2018, and the new directive extended the same restrictions from March 1, 2018 to August 31, 2018, subject to review. The release makes clear that this extension does not imply RBI is satisfied with any substantive improvement in the bank’s financial position.