Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra
Case Brief
RBI notified that the directions originally issued to Sanmitra Sahakari Bank Maryadit under Section 35A of the Banking Regulation Act, 1949 (AACS) will continue to apply for a further four months from March 15, 2018 to July 14, 2018. The earlier directions, first issued on June 14, 2016 and extended periodically, remain otherwise unchanged. RBI also stated that the modification should not be taken to mean that it is satisfied with the bank’s financial improvement.
Sanmitra Sahakari Bank Maryadit, Mumbai, Maharashtra, was already placed under Section 35A directions under the Banking Regulation Act, 1949 (AACS), effective from June 14, 2016 and later extended from time to time. By directive dated March 09, 2018, RBI extended the validity of those directions for a further period of four months, from March 15, 2018 to July 14, 2018, while stating that all other terms and conditions would remain unchanged. The notice also clarified that the extension should not be construed as satisfaction with any substantive improvement in the bank’s financial position.
Severity Assessment
This is an RBI Section 35A directions extension on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same operational restrictions imposed under the existing Section 35A directions until July 14, 2018, unless further modified. Customers, including depositors and other stakeholders, remain affected by the continuing constraints on the bank’s operations.
Published as Sanmitra Sahakari Bank Maryadit
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