The Reserve Bank of India has extended Directions issued to Shatabdi Mahila Sahakari Bank Ltd., Thane, District-Thane, Maharashtra for a further period of six months from the close of business on February 19, 2015, subject to review. The bank was under directions since August 20, 2014.

The Reserve Bank has issued these directions in exercise of powers vested in it under sub section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949.

The issue of the Directions by the Reserve Bank should per se not be construed to imply that Reserve Bank of India is satisfied of substantive improvement in the financial position of Shatabdi Mahila Sahakari Bank Ltd., Thane.

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/1761