Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Shivaji Rao Bhosale Sahakari Bank Ltd., Pune, Maharashtra- Extension of period

Shivaji Rao Bhosale Sahakari Bank Ltd., Pune, Maharashtra, was placed under directions from close of business on May 04, 2019, vide Directive DCBS.CO.BSD-I/D-14/12.22.254/2018-19 dated May 03, 2019, for a period of six months. The validity of the directions was last extended up to October 04, 2020 vide our Directive DOR.CO.AID./No. D-10/12.22.254/2020-21 dated 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 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), hereby directs that the Directive DCBS.CO.BSD-I/D-14/12.22.254/2018-19 dated May 03, 2019, issued to Shivaji Rao Bhosale Sahakari Bank Ltd., Pune, Maharashtra, as modified from time to time, the validity of which was last extended up to October 04, 2020, shall continue to apply to the bank for a further period of two months from October 05, 2020 to December 04, 2020 vide Directive DOR.CO.AID./No.D-24/12.22.254/2020-21 dated September 30, 2020, subject to review. 3. Other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated September 30, 2020 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 of substantive improvement in the financial position of the bank. (Yogesh Dayal)      Chief General Manager Press Release: 2020-2021/430

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