Case Brief
What Happened
The Reserve Bank of India said that the directions earlier issued to The Maratha Sahakari Bank Ltd., Mumbai, Maharashtra, under Section 35A read with Section 56 of the Banking Regulation Act, 1949 would continue to apply for another four months. The extension, dated March 18, 2020, carried forward the existing directive that had already been extended previously and was valid up to March 31, 2020, making it applicable from April 01, 2020 to July 31, 2020, subject to review. RBI clarified that the other terms and conditions of the directive remain unchanged and that the extension should not be read as evidence of substantive improvement in the bank's financial position.