RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
RBI, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, stated that the directive originally issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time, would continue for a further four months from October 09, 2018 to February 08, 2019. The release indicates this is a continuation of the prior restrictions and not a new standalone penalty.
Under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI directed that the directive issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time and earlier extended up to October 08, 2018, shall continue to apply for a further period of four months from October 09, 2018 to February 08, 2019, subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains under the same RBI-imposed operating restrictions through February 08, 2019, subject to review. Customers and counterparties are affected to the extent the existing directions limit bank operations.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
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