Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur
Case Brief
The Reserve Bank of India notified that the directions already in force against Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur under Section 35A of the Banking Regulation Act, 1949 (AACS) were extended further for three months from September 1, 2015. The release notes that the directive had earlier been issued on August 28, 2014 and extended again on February 05, 2015, and that the latest modification leaves all other terms and conditions unchanged.
Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur had already been placed under directions under Section 35A of the Banking Regulation Act, 1949 (AACS) from the close of business on August 30, 2014, and the validity was extended earlier from March 01, 2015 to August 31, 2015. RBI then extended the period of operation of the same directive for a further three months from September 1, 2015, with all other terms and conditions unchanged, by a modified directive dated July 31, 2015.
Severity Assessment
This is an RBI Section 35A operating restriction on a bank, which falls in the structural severity-4 bucket for business restrictions and extensions of such directions.
The bank continues to operate under RBI-imposed restrictions for the extended period beginning September 1, 2015, and must comply with the unchanged conditions of the directive. Depositors and counterparties remain subject to the existing operational constraints until RBI reviews and changes the order.
Published as Choundeshwari Sahakari Bank Ltd, Ichalkaranji, Kolhapur
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