Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) Shri Shivaji Sahakari Bank Ltd., Gadhinglaj, Dist. Kolhapur, Maharashtra
Case Brief
The Reserve Bank of India notified an extension of the validity period of its earlier directions imposed on Shri Shivaji Sahakari Bank Ltd., Gadhinglaj, Dist. Kolhapur, Maharashtra. The modified directive extended the order from October 25, 2012 to April 24, 2013, while leaving all other terms and conditions unchanged. RBI also clarified that the modification should not be read as indicating substantive improvement in the bank’s financial position.
The Reserve Bank of India extended the validity period of the directions previously imposed on Shri Shivaji Sahakari Bank Ltd. under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension ran from October 25, 2012 to April 24, 2013, through a modified directive dated October 16, 2012. The press release states that the other terms and conditions remain unchanged and that the modification should not be construed as RBI being satisfied with any substantive improvement in the bank’s financial position.
Severity Assessment
This is an RBI Section 35A directions extension on a cooperative bank, which is treated as a broad business restriction with severity 4 even without a new fine.
The bank remains subject to the existing RBI operating restrictions for the extended period, subject to review. Depositors, customers, and counterparties must continue to deal with the bank under the same constrained terms until the directions expire or are further modified.
Published as Shri Shivaji Sahakari Bank Ltd., Gadhinglaj, Dist. Kolhapur, Maharashtra
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