Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) – The CKP Co-operative Bank Ltd, Mumbai, Maharashtra
Case Brief
The Reserve Bank of India has extended the existing directions imposed on The CKP Co-operative Bank Ltd., Mumbai, Maharashtra. The original directive dated April 30, 2014, as modified from time to time and last extended up to July 31, 2018, will continue to apply for another four months from August 1, 2018 to November 30, 2018, subject to review. RBI added that the extension should not be construed as indicating substantive improvement in the bank's financial position.
The Reserve Bank of India stated that the directive dated April 30, 2014, as modified from time to time and last extended up to July 31, 2018, shall continue to apply to The CKP Co-operative Bank Ltd., Mumbai, for a further period of four months from August 1, 2018 to November 30, 2018, subject to review. The release notes that this is an extension of the existing Section 35A directions under the Banking Regulation Act, 1949 (read with Section 56) and does not imply substantive improvement in the bank's financial position.
Severity Assessment
This is an RBI Section 35A extension of existing operational directions on a cooperative bank, which the rubric places at severity 4 as a broad business restriction.
The bank must continue to comply with the RBI's existing operating restrictions through November 30, 2018, unless reviewed or modified earlier. Depositors, customers, and counterparties remain subject to the constraints imposed under the Section 35A directions.
Published as The CKP Co-operative Bank Ltd
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