RBI extends the Validity Period of Directions on Mirzapur Urban Co-operative Bank Ltd., Mirzapur
Case Brief
The Reserve Bank of India extended the validity of the directions already in force against Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh. The modified directive dated July 31, 2014 continues the existing restrictions for one month, from August 12, 2014 through September 11, 2014, subject to review. The release states that all other terms and conditions remain unchanged and that the directive is displayed at the bank’s premises for public information.
The Reserve Bank of India notified that the validity period of directions earlier imposed on Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh, as on February 11, 2014, has been extended further by a modified directive dated July 31, 2014. The extension is for one month, from August 12, 2014 to September 11, 2014, subject to review. No other terms and conditions were changed.
Severity Assessment
This is an RBI extension of existing Section 35A-style directions on a co-operative bank, which carries a structural severity of 4 regardless of any monetary amount.
The bank remains subject to the same RBI-imposed operational restrictions for the extension period, with no change in the conditions already in force. Customers and depositors continue to be affected by the ongoing directions until September 11, 2014, unless reviewed or modified earlier.
Published as Mirzapur Urban Co-operative Bank Ltd., Mirzapur
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