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Date: 28/02/2023
Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Maratha Sahakari Bank Limited, Mumbai, Maharashtra – Extension of Period

The Reserve Bank of India, vide directive DCBS.CO.BSD-I/D-4/12.22.141/2016-17 dated August 31, 2016, had placed Maratha Sahakari Bank Limited, Mumbai, Maharashtra under Directions from the close of business on August 31, 2016 for a period of six months. The validity of the directions was extended from time-to-time, the last being up to February 28, 2023.

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, hereby directs that the aforesaid Directions shall continue to apply to the bank till May 31, 2023 as per the directive DOR.MON/D-80/12.22.140/2022-23 dated February 27, 2023, subject to review.

3. All other terms and conditions of the Directives under reference shall remain unchanged. A copy of the directive dated February 27, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of public.

4. 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 with the financial position of the bank.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/1803

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