Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The CKP Co-operative Bank Ltd, Mumbai, Maharashtra
Case Brief
RBI has extended the Section 35A directions previously placed on The CKP Co-operative Bank Ltd., Mumbai, Maharashtra. The original directions dated April 30, 2014 had already been extended from time to time, and the latest extension continues them from August 1, 2017 to November 30, 2017, subject to review. The release states that this does not imply RBI is satisfied with the bank's substantive financial improvement.
The CKP Co-operative Bank Ltd., Mumbai, Maharashtra had been placed under directions under Section 35A of the Banking Regulation Act, 1949 (read with Section 56 for co-operative banks) from May 2, 2014, and those directions had been extended from time to time. By the July 26, 2017 directive, RBI extended the validity of the existing directions for a further four months, from August 1, 2017 to November 30, 2017, subject to review. The release also notes that this extension/modification should not be construed as RBI being satisfied with any substantive improvement in the bank's financial position.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank must continue to operate under the existing RBI-imposed restrictions until November 30, 2017 unless further modified. Depositors, customers, and counterparties remain subject to the constraints flowing from the directions, and the bank’s normal business operations continue only within the limits set by RBI.
Published as The CKP Co-operative Bank Ltd, Mumbai, Maharashtra
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