RBI Directions on Rupee Co-operative Bank Ltd. extended
Case Brief
The Reserve Bank of India extended the validity of directions already imposed on Rupee Co-operative Bank Ltd., Pune, Maharashtra, for six more months, from August 22, 2013 to February 21, 2014. All other terms and conditions remain unchanged. RBI also clarified that the modification is not a cancellation of the bank’s licence, and that the bank will continue to carry on banking business with restrictions until its financial position improves.
On August 14, 2013, the Reserve Bank of India extended the validity period of its existing directions in respect of Rupee Co-operative Bank Ltd., Pune, Maharashtra, for a further six months from August 22, 2013 to February 21, 2014. The release states that the other terms and conditions remain unchanged and that the bank will continue to undertake banking business with restrictions. It also clarifies that the modification should not be construed as cancellation of the banking licence, and that RBI may consider further modifications depending on circumstances.
Severity Assessment
This is an extension of RBI directions under Section 35A / operating restrictions on a cooperative bank, which falls under the structural severity-4 business restriction bucket.
Rupee Co-operative Bank Ltd. remains subject to the same RBI-imposed operating restrictions through February 21, 2014. Depositors and counterparties continue to face a constrained bank, and the bank must operate within the unchanged conditions until RBI modifies or withdraws the directions.
Published as Rupee Co-operative Bank Ltd.
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Rupee Co-operative Bank Ltd., Pune, Maharashtra
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