Withdrawal of All Inclusive Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Amanath Co-operative Bank Ltd., Bengaluru
Case Brief
Reserve Bank of India had imposed All Inclusive Directions on Amanath Co-operative Bank Limited, Bengaluru under Section 35A read with Section 56 of the Banking Regulation Act, 1949, starting from the close of business on April 1, 2013. Those directions were extended and modified over time, and the last extension was up to January 4, 2020. RBI has now withdrawn the directions in exercise of its powers under Section 35A(2), effective January 3, 2020.
In the public interest, RBI had earlier issued All Inclusive Directions to Amanath Co-operative Bank Limited, Bengaluru under Section 35A read with Section 56 of the Banking Regulation Act, 1949, effective from the close of business on April 1, 2013. Those directions were extended and modified from time to time, with the last extension up to January 4, 2020. RBI has now withdrawn those directions under sub-section (2) of Section 35A, effective January 3, 2020.
Severity Assessment
This is a withdrawal of a prior restriction, so there is no forward-looking adverse impact and severity is 0.
The bank is released from the earlier All Inclusive Directions as of January 3, 2020. Any restrictions imposed under those directions no longer apply from that date.
Published as Amanath Co-operative Bank Limited, Bengaluru
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