RBI withdraws Directions issued to “The Janata Commercial Cooperative Bank Ltd., Khamgaon, Buldhana, Maharashtra”
Case Brief
The Reserve Bank of India withdrew the All Inclusive Directions that had been issued on September 12, 2012 to The Janata Commercial Cooperative Bank Ltd., Khamgaon (Buldhana), Maharashtra. The withdrawal was exercised under Section 35A(2) of the Banking Regulation Act, 1949, as applicable to cooperative societies, and took effect from the close of business on August 26, 2015. The release states that the bank will continue to undertake regular banking business hereafter.
The Reserve Bank of India withdrew the All Inclusive Directions issued on September 12, 2012 to The Janata Commercial Cooperative Bank Ltd., Khamgaon (Buldhana), Maharashtra. The withdrawal was made under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to cooperative societies), with effect from the close of business on August 26, 2015.
Severity Assessment
This is a withdrawal of prior restrictions and expressly restores the bank's ability to conduct regular banking business, so there is no forward-looking adverse impact.
The bank is no longer under the earlier Section 35A directions and may resume normal operations. Customers and counterparties should expect regular banking services to continue without the prior restrictions, effective from the close of business on August 26, 2015.
Published as The Janata Commercial Cooperative Bank Ltd., Khamgaon, Buldhana, Maharashtra
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