Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Shree Ganesh Sahakari Bank Ltd, Nashik, Maharashtra- Extension of period
Case Brief
RBI has extended the validity of the Section 35A directions already in force against Shree Ganesh Sahakari Bank Ltd, Nashik, Maharashtra. The bank had been placed under directions from close of business on April 02, 2013, and the latest prior extension had kept them in force until September 29, 2017. By the September 25, 2017 directive, RBI continued the same modified directions for a further six months, from September 30, 2017 to March 29, 2018, subject to review.
The bank had earlier been placed under directions vide directive dated April 01, 2013, effective from close of business on April 02, 2013. Those directions had been repeatedly modified and extended, and the latest prior extension was up to September 29, 2017. RBI has now directed that the same directive, as modified from time to time, shall continue to apply for a further period of six months from September 30, 2017 to March 29, 2018, subject to review, under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
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 subject to the existing operational restrictions under RBI directions for the extension period. The restrictions continue to affect the bank’s business operations and remain relevant to depositors and other stakeholders until March 29, 2018, unless reviewed or modified earlier.
Published as Shree Ganesh Sahakari Bank Ltd, Nashik, Maharashtra
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