RBI extends Direction on The C.K.P. Co-operative Bank Ltd., Mumbai, Maharashtra
Case Brief
The Reserve Bank of India extended the period of operation of its directive on The C.K.P. Co-operative Bank Ltd., Mumbai, Maharashtra, by three months from the close of business on October 31, 2015. The release says the directive is subject to review and that all other terms and conditions remain unchanged. It also notes that the earlier directions had been in place since April 30, 2014 and had been extended multiple times before this latest extension.
RBI on October 28, 2015 extended the period of operation of its directive on The C.K.P. Co-operative Bank Ltd. for a further three months from the close of business on October 31, 2015. The bank had originally been placed under directions on April 30, 2014, and the validity had already been extended several times. The press release states that the direction is subject to review and that the other terms and conditions remain unchanged; it also notes that the modification should not be construed as RBI being satisfied with substantive improvement in the bank's financial position.
Severity Assessment
This is an extension of RBI directions under Section 35A / all-inclusive style operating restrictions on a cooperative bank, which carries a structural severity floor of 4.
The bank remains subject to the same operational restrictions previously imposed by RBI for the extended period, and its business continues under the existing terms of the directive. The action affects the bank and, indirectly, its customers and counterparties who remain subject to whatever deposit/transaction constraints the directions already imposed, until the new expiry date or further review.
Published as The C.K.P. Co-operative Bank Ltd., Mumbai, Maharashtra
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