Case Brief
What Happened
RBI has extended the Section 35A directions originally placed on The Maratha Sahakari Bank Ltd., Mumbai, Maharashtra, with the latest extension keeping the directive in force from October 1, 2019 to December 31, 2019, subject to review. The release notes that the directive dated August 31, 2016, as modified from time to time, had previously been extended up to September 30, 2019, and is now continued for a further three-month period. RBI also clarifies that the extension should not be taken to mean it is satisfied with any substantive improvement in the bank's financial position.