Directions issued to the Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India notified that the earlier directive placing Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. Kolhapur, Maharashtra under Directions from May 19, 2018 would continue to apply until January 31, 2020, subject to review. The release cites Section 35A of the Banking Regulation Act, 1949 read with Section 56. It also clarifies that the extension or modification should not be taken to mean that RBI is satisfied with the bank’s financial position.
The Reserve Bank of India stated that its earlier directive dated May 18, 2018 placing Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. Kolhapur, Maharashtra under Directions under Section 35A of the Banking Regulation Act, 1949 (read with Section 56) shall continue to apply till January 31, 2020, subject to review. This is an extension of the existing operational restriction rather than a fresh penalty, and the release expressly notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.
Severity Assessment
This is an RBI Section 35A directions extension on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank continues to operate under RBI-imposed directions, with its activities constrained for the extended period until January 31, 2020, subject to further review. Depositors and other stakeholders remain affected by the ongoing restrictions, which are publicly displayed at the bank premises.
Published as Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra
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Shivam Sahakari Bank Ltd., Ichalkaranji, Dist: Kolhapur, Maharashtra
Business restriction · Extension
Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra
Business restriction · Extension
Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. – Kolhapur, Maharashtra
Business restriction · Extension
Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra
Business restriction · Extension
Shivam Sahakari Bank Ltd., Ichalkaranji, Dist. - Kolhapur, Maharashtra
Business restriction · Extension
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