RBI withdraws Directions on Bally Co-operative Bank Limited, Bally, Howrah, West Bengal
Case Brief
The Reserve Bank of India withdrew the directions that had been issued to Bally Co-operative Bank Limited, Bally, Howrah, West Bengal under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). Those directions had been in force from November 14, 2006 until further orders. RBI stated that, in the public interest, it was withdrawing the directions with effect from December 7, 2016. The bank would continue to operate under operational instructions.
RBI had issued directions on November 6, 2006 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS), effective from close of business on November 14, 2006. On being satisfied that withdrawal was necessary in the public interest, RBI exercised powers under Section 35A(2) read with Section 56 to withdraw those directions with effect from December 7, 2016; the bank was to continue operating under operational instructions.
Severity Assessment
This is a withdrawal of prior directions, so it imposes no forward-looking adverse impact and carries severity 0.
The prior restrictive directions no longer apply from December 7, 2016. Bally Co-operative Bank Limited can continue operating, subject to any separate operational instructions that remain in place.
Published as Bally Co-operative Bank Limited
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