RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
RBI said the directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, and last extended up to February 08, 2019, will continue to apply from February 09, 2019 through August 08, 2019, subject to review. The release does not describe a new violation or a monetary penalty; it simply prolongs the existing restriction.
Under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI directed 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, and last extended up to February 08, 2019, shall continue to apply for a further six months from February 09, 2019 to August 08, 2019, subject to review. This is an extension of an existing operating restriction rather than a new penalty.
Severity Assessment
A Section 35A / All-Inclusive Directions-style operating restriction on a bank is a severity 4 business restriction, and an extension of that order remains severity 4.
The bank must continue complying with the pre-existing RBI directions for the stated six-month period, unless RBI revises them on review. The restriction continues to affect the bank’s operations and, indirectly, its customers and counterparties for the duration of the extension.
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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