RBI withdraws Directions issued to Shree Govardhansinghji Raghuvanshi Sahakari Bank Ltd., Nandurbar, Maharashtra
Case Brief
The Reserve Bank of India has withdrawn the All Inclusive Directions issued on September 9, 2015 to Shree Govardhansinghji Raghuvanshi Sahakari Bank Ltd., Nandurbar, Maharashtra. The withdrawal took effect from the close of business on December 19, 2015, and was made under Section 35A of the Banking Regulation Act, 1949 as applicable to co-operative societies. The bank can continue normal banking operations thereafter.
The Reserve Bank of India withdrew the All Inclusive Directions that had been issued on September 9, 2015 to Shree Govardhansinghji Raghuvanshi Sahakari Bank Ltd., Nandurbar, Maharashtra. The withdrawal was exercised under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
Severity Assessment
This is a withdrawal of a prior restriction and the release explicitly says the bank will continue regular banking business, so there is no forward-looking adverse impact.
The bank is no longer operating under the earlier Section 35A directions and may resume regular banking business from the stated effective time. Depositors and customers are no longer subject to the restrictions that had been imposed under the withdrawn order.
Published as Shree Govardhansinghji Raghuvanshi Sahakari Bank Ltd., Nandurbar, Maharashtra
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