Withdrawal of All Inclusive Directions under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (AACS) – Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra
Case Brief
The Reserve Bank of India has withdrawn the All Inclusive Directions previously imposed on Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The withdrawal was issued under Section 35A(2) and took effect from the close of business on March 26, 2019. The release states that the bank will continue to undertake regular banking business thereafter.
RBI had earlier issued All Inclusive Directions to Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra in public interest under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The Reserve Bank has now withdrawn those directions under Section 35A(2), effective from close of business on March 26, 2019.
Severity Assessment
This is a withdrawal of a prior restriction, so it has no forward-looking adverse impact and severity is 0.
The bank is no longer subject to the earlier All Inclusive Directions and can resume regular banking operations. Depositors and customers are no longer constrained by the prior operating restrictions referenced in the withdrawn order, effective from close of business on March 26, 2019.
Published as Shri Ganesh Sahakari Bank Ltd., Nashik, Maharashtra
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