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Date: 30/07/2020
Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Maratha Sahakari Bank Ltd., Mumbai, Maharashtra - Extension of period

Maratha Sahakari Bank Ltd., Mumbai was placed under directions vide directive DCBS.CO.BSD-1/D-4/12.22.141/2016-17 dated August 31, 2016 from the close of business on August 31, 2016 for a period of six months. The validity of the above directions were extended from time to time, the last being vide Directive DOR.CO.AID.No.D-62/12.22.140/2019-20 dated March 18, 2020 and is valid up to July 31, 2020.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), hereby directs that the Directive DCBS.CO.BSD-1/D-4/12.22.141/2016-17 dated August 31, 2016, issued to Maratha Sahakari Bank Ltd., Mumbai as modified from time to time, the validity of which was last extended up to July 31, 2020, shall continue to apply to the bank for a further period of five months from August 01, 2020 to December 31, 2020, as per the Directive DOR.CO.AID.No.D-7/12.22.140/2020-21 dated July 27, 2020, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged.

4. A copy of the directive dated July 27, 2020 notifying the above extension is displayed at the bank’s premises for the perusal of public.

5. The aforesaid extension and/or modification by the Reserve Bank of India should not per-se be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2020-2021/115

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