RBI extend Directions Gokul Co-operative Urban Bank Ltd., Secunderabad till April 04, 2017
Case Brief
The Reserve Bank of India extended the validity of the directives already issued to Gokul Co-operative Urban Bank Ltd., Secunderabad under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The directions, originally applicable from the close of business on April 04, 2016, were continued for a further period of six months up to April 04, 2017, subject to review, with no change to the existing terms and conditions.
The Reserve Bank of India exercised powers under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) to continue the directives already issued to Gokul Co-operative Urban Bank Ltd., Secunderabad. The existing directives, which had applied from the close of business on April 04, 2016, were extended for another six months up to April 04, 2017, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a business restriction with severity 4.
The bank must continue to operate under the same RBI-imposed directives until April 04, 2017, subject to review. Customers and counterparties remain affected by the unchanged operational restrictions during the extended period.
Published as Gokul Co-operative Urban Bank Ltd., Secunderabad
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