The Reserve Bank of India has extended Directions issued to Shree Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, District-Pune, Maharashtra for a further period of six months from the close of business on March 11, 2015, subject to review. The bank was under directions since September 12, 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 the Reserve Bank is satisfied about substantive improvement in the financial position of bank.

Alpana Killawala
Principal Chief General Manager

Press Release : 2014-2015/1893