Withdrawal of directions under sub-section (2) of section 35A of the Banking Regulation Act, 1949 (AACS) –Nashik District Girna Sahakari Bank Ltd., Nashik, District - Nashik, Maharashtra
Case Brief
The Reserve Bank of India has withdrawn the All Inclusive Directions that had been issued on September 08, 2015 to Nashik District Girna Sahakari Bank Ltd., Nashik, Maharashtra. The withdrawal was made under Section 35A(2) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) and became effective on November 02, 2017. Following the withdrawal, the bank is allowed to undertake regular banking business again.
The Reserve Bank of India withdrew the All Inclusive Directions issued vide order dated September 08, 2015 to Nashik District Girna Sahakari Bank Ltd., Nashik, Maharashtra, under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The withdrawal takes effect from November 02, 2017, and the bank may continue normal banking operations thereafter.
Severity Assessment
This is a withdrawal of prior Section 35A directions, so it imposes no forward-looking adverse restriction and is severity 0.
The bank is no longer subject to the earlier All Inclusive Directions and can resume normal operations. Depositors and customers are no longer constrained by the prior restriction regime, subject to ordinary banking rules.
Published as Nashik District Girna Sahakari Bank Ltd., Nashik
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