RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
The Reserve Bank of India has extended the existing directive issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The directive, originally dated August 28, 2015 and modified from time to time, had last been extended up to August 08, 2019 and will now continue from August 09, 2019 to February 08, 2020, subject to review.
Under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), RBI stated that the directive dated August 28, 2015 issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi, and modified from time to time, would continue to apply for a further six months. The validity had last been extended up to August 08, 2019 and is now extended from August 09, 2019 to February 08, 2020, subject to review.
Severity Assessment
An RBI Section 35A direction extended against a bank is a broad business restriction and carries severity 4 by rule, even though no new penalty amount is stated.
The bank remains subject to the earlier RBI operating directions for the additional six-month period. Any restrictions embedded in the directive continue to apply, affecting the bank’s operations and the services it can provide to customers until the stated end date or further review.
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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