Directions under Section 35 A read with Section 56 of the BR Act (AACS), 1949- The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala- Extension of period
Case Brief
The Reserve Bank of India reviewed The Adoor Co-operative Urban Bank Ltd., Adoor, Kerala and extended the existing directions issued under Section 35A read with Section 56 of the BR Act (AACS), 1949. The original directions, first issued on November 02, 2018 and last extended up to November 09, 2019, were continued for a further six months from November 10, 2019 to May 09, 2020. The release states that the other terms and conditions of the directive remain unchanged.
The Reserve Bank of India reviewed the financial position of The Adoor Co-operative Urban Bank Ltd., Adoor, Kerala and decided that, in public interest, the directions issued under Section 35A read with Section 56 of the BR Act (AACS), 1949 should continue. The earlier directive dated November 02, 2018, as last extended up to November 09, 2019, was further extended for six months from November 10, 2019 to May 09, 2020, subject to review. Other terms and conditions of the original directive remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A/AACS directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI directions and must continue operating under the existing restrictions until May 09, 2020, unless reviewed earlier. The extension affects the bank and, indirectly, its customers and counterparties who may face the continued operational constraints.
Published as The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala
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