Case Brief
What Happened
The Reserve Bank of India notified that the existing directions issued to The Maratha Sahakari Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, would continue for a further three months. The directions, originally imposed on August 31, 2016 and extended from time to time, were last extended up to August 31, 2018; the new directive dated August 24, 2018 extends them from September 1, 2018 to November 30, 2018, subject to review. RBI also clarified that the extension and/or modification should not be taken to mean it is satisfied with the bank’s financial improvement.