Case Brief
What Happened
RBI announced that the Section 35A directions first issued to The Maratha Sahakari Bank Ltd., Mumbai, Maharashtra on August 31, 2016 and later extended from time to time would continue for another four months. The latest extension, via directive dated November 27, 2018, keeps the restrictions in force from December 1, 2018 to March 31, 2019, subject to review. RBI also clarified that the extension does not imply satisfaction with any substantive improvement in the bank’s financial position.