RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi till January 08, 2018
Case Brief
The Reserve Bank of India stated that the directive issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time and earlier extended up to September 08, 2017, will continue to apply for another four months, from September 09, 2017 to January 08, 2018. The order was issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
In exercise of powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), RBI directed that the directive originally issued on August 28, 2015 and earlier extended up to September 08, 2017 shall continue to apply for a further four months, from September 09, 2017 to January 08, 2018, subject to review. This is a continuation of an existing regulatory restriction on the co-operative bank's operations.
Severity Assessment
An RBI Section 35A direction/continuation against a bank is a broad business restriction, which is severity 4 even when it is only an extension.
The bank remains subject to the same operating restrictions already in place through January 08, 2018, unless RBI changes them on review. Customers and counterparties continue to face whatever limitations the underlying directive imposes.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
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