Reserve Bank of India withdraws Directions on Sri Bharathi Co-operative Urban Bank Limited, Hyderabad, Telangana State
Case Brief
The Reserve Bank of India withdrew the directions previously issued to Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directions, issued on August 24, 2016 and extended up to August 31, 2017, were withdrawn in the public interest with effect from August 18, 2017. The bank was nevertheless stated to continue operating under operational instructions.
RBI had issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 applicable to co-operative societies to Sri Bharathi Co-operative Urban Bank Ltd., Hyderabad, via directive dated August 24, 2016. Those directions were effective from close of business on August 29, 2016 and were extended up to August 31, 2017. The Reserve Bank, being satisfied that withdrawal was necessary in the public interest, exercised its powers under sub-section (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to withdraw the directions with effect from August 18, 2017.
Severity Assessment
This is a withdrawal of prior directions, so it imposes no new adverse restriction and is severity 0.
The prior Section 35A restrictions no longer apply from August 18, 2017, so the bank is relieved of that specific regulatory direction. However, it must still follow any separate operational instructions that remain in force.
Published as Sri Bharathi Co-operative Urban Bank Ltd.
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