RBI extends Directions issued to the Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh till August 29, 2017
Case Brief
The Reserve Bank of India extended the existing directions issued to Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh. The extension runs from July 30, 2017 to August 29, 2017 and is subject to review. The bank had already been under Section 35A directions since July 29, 2016, and the press release says the modification should not be read as an improvement or deterioration in the bank's financial position.
The Reserve Bank of India extended the directions already issued to Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh under Section 35A of the Banking Regulation Act, 1949 (AACS). The release states the bank has been under these directions since July 29, 2016 and that the current modification extends the directive up to August 29, 2017, subject to review. It also notes that the modification should not be construed as an improvement or deterioration in the bank's financial position.
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 continues to operate under RBI-imposed Section 35A restrictions through August 29, 2017, subject to further review and possible modification. The directions affect the bank's operations and its customers, who remain subject to the constraints of the existing order.
Published as Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh
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