Case Brief
What Happened
RBI notified that the existing directions issued to The Maratha Sahakari Bank Ltd., Mumbai, under Section 35A of the Banking Regulation Act, 1949 (read with Section 56) would continue to apply. The directions had originally been imposed on August 31, 2016 and were last extended up to March 31, 2019. By directive dated March 25, 2019, RBI extended the validity for a further period of six months, from April 1, 2019 to September 30, 2019, subject to review. RBI also noted that the extension or modification should not be taken to mean it is satisfied with any substantive improvement in the bank's financial position.