Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949(AACS) Bhilwara Mahila Urban Co-operative Bank Ltd., Bhilwara (Rajasthan)
Case Brief
The Reserve Bank of India notified an extension of the existing directive issued to Bhilwara Mahila Urban Co-operative Bank Ltd., Bhilwara (Rajasthan), under section 35A read with section 56 of the Banking Regulation Act, 1949. The directive, originally effective from March 10, 2017 and previously extended, was continued for a further period from July 10, 2018 to October 09, 2018, subject to review, with no change to its other terms and conditions.
The Reserve Bank of India, in public interest and under section 35A read with section 56 of the Banking Regulation Act, 1949, continued the existing directive applicable to Bhilwara Mahila Urban Co-operative Bank Ltd., Bhilwara (Rajasthan). The release states that the directive dated March 07, 2017, effective from March 10, 2017, was earlier extended and will now continue for a further three months from July 10, 2018 to October 09, 2018, with all other terms and conditions unchanged.
Severity Assessment
This is an extension of an RBI Section 35A directive / all-inclusive direction on a bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI operating restrictions for the extension period, with the directive continuing unchanged until October 09, 2018 subject to review. Customers and counterparties must continue to operate within the constraints imposed by the existing order.
Published as Bhilwara Mahila Urban Co-operative Bank Ltd.
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