Case Brief
What Happened
The Reserve Bank of India has extended the Section 35A Directions already in force against Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. Kolhapur, Maharashtra. The earlier directive dated May 18, 2018 had placed the bank under Directions from the close of business on May 19, 2018, and the May 13, 2019 release continues those directions for a further three months until August 19, 2019. RBI adds that the extension or modification should not be taken to mean it is satisfied with the bank's financial position.