Directions under Section 35 A read with Section 56 of the BR Act (AACS), 1949 - Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala - Extension of period
Case Brief
The Reserve Bank of India reviewed the financial position of Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala and decided, in public interest, to extend the existing directions originally issued on May 29, 2019 under Section 35A read with Section 56 of the BR Act (AACS), 1949. The directive was continued unchanged for a further six months, from December 05, 2019 to June 04, 2020, subject to review.
The Reserve Bank of India reviewed the bank's financial position and, in public interest, continued the existing directions issued under Section 35A read with Section 56 of the BR Act (AACS), 1949. The earlier directive dated May 29, 2019 was extended for a further six-month period from December 05, 2019 to June 04, 2020, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
An RBI Section 35A / All-Inclusive Directions order on a co-operative bank is a broad business restriction and carries severity 4, including when it is merely extended.
The bank remains subject to the RBI's operating directions for the extension period, with the same conditions as before. Its operations continue to be constrained under the existing framework until the directions expire or are modified; the release does not indicate any relaxation for depositors or other counterparties.
Published as Kerala Mercantile Co-operative Bank Ltd.
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