Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 Alwar Urban Co-operative Bank Ltd., Alwar (Rajasthan)
Case Brief
RBI notified that, in public interest, it was extending the period of operation of the directions issued to Alwar Urban Co-operative Bank Ltd., Alwar (Rajasthan), under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive dated March 01, 2017 will remain applicable from September 08, 2017 to March 07, 2018, subject to review, and all other terms and conditions of the original directions remain unchanged.
In exercise of powers under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI extended the period of operation of the directions earlier issued to Alwar Urban Co-operative Bank Ltd., Alwar (Rajasthan). The directive dated March 01, 2017 will continue to apply for a further six months from September 08, 2017 to March 07, 2018, subject to review, with all other terms and conditions remaining unchanged.
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 remains under the same RBI operating restrictions for the extended period. The order continues to constrain the bank’s activities until March 07, 2018, subject to review, affecting the bank and its customers/operational counterparties under the unchanged directive terms.
Published as Alwar Urban Co-operative Bank Ltd.
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