Case Brief
What Happened
The Reserve Bank of India issued a press release extending the period of its existing directions against Maratha Sahakari Bank Ltd., Mumbai, Maharashtra. The bank had originally been placed under directions from the close of business on August 31, 2016, and the validity of those directions had been extended periodically, with the last extension running up to March 31, 2021. Under the new directive dated March 31, 2021, RBI stated that the same directions shall continue to apply to the bank till June 30, 2021, subject to review, and that all other terms and conditions remain unchanged.