RBI withdraws Directions issued to “Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra”
Case Brief
RBI has withdrawn the All Inclusive Directions issued on March 28, 2006 to Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The withdrawal took effect from the close of business on October 12, 2015, under Section 35A(2) of the Banking Regulation Act, 1949 (as applicable to cooperative societies). Following the withdrawal, the bank is permitted to continue regular banking business.
The Reserve Bank of India withdrew the All Inclusive Directions originally issued on March 28, 2006 to Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The withdrawal was done under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to cooperative societies).
Severity Assessment
This is a withdrawal/restoration of a prior restriction, so there is no forward-looking adverse impact.
The bank is no longer subject to the earlier Section 35A directions and may resume normal operations. Customers and members are affected only to the extent that the prior restrictions no longer apply, and regular banking business can continue from the stated effective time.
Published as Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra
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