Extension of All Inclusive Directions under Section 35A of the Banking Regulation Act, 1949(AACS) - The Mudhol Co-operative Bank Ltd., Mudhol
Case Brief
The Reserve Bank of India extended the operation of its earlier directions dated April 2, 2019 issued to The Mudhol Co-operative Bank Limited, Mudhol, District Bagalkot, Karnataka, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The extension is for six months from October 8, 2019 to April 7, 2020. RBI states that the other terms and conditions of the directive remain unchanged.
RBI had issued directions to The Mudhol Co-operative Bank Limited, Mudhol, District Bagalkot, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949 on April 2, 2019. In this release, RBI states that it is satisfied, in public interest, that the period of operation of those directions should be extended. The same directions are continued for a further six months from October 8, 2019 to April 7, 2020, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank must continue to comply with the existing RBI directions through April 7, 2020 unless modified earlier on review. The restriction continues to affect the bank’s operations under the terms of the original directive, and the order remains subject to RBI review.
Published as The Mudhol Co-operative Bank Limited, Mudhol
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