RBI extend Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi till March 08, 2017
Case Brief
RBI said the directives originally issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, and later modified on February 25, 2016, will continue to apply for a further six months up to March 08, 2017. The order was issued under Section 35A of the Banking Regulation Act, 1949 as applicable to co-operative societies, and the release notes that the earlier terms and conditions remain unchanged and the extension is subject to review.
The Reserve Bank of India, exercising powers under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies), directed that the directives issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified on February 25, 2016 and last extended up to September 08, 2016, shall continue to apply for a further period of six months up to March 08, 2017. The release states that all other terms and conditions of the directives remain unchanged and the extension is subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI-imposed operating conditions for six more months, with no change in the existing restrictions. The extension continues to affect the bank’s operations until March 08, 2017, subject to review by RBI.
Published as The Vaish Co-operative Commercial Bank Ltd.
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The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
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