Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 - Millath Co-operative Bank Ltd., Devangere, Karnataka – Extension of Period
Case Brief
The Reserve Bank of India extended the period of operation of the existing All Inclusive Directions issued to Millath Co-operative Bank Ltd., Devangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated April 26, 2019 and last extended up to May 7, 2020, was continued from May 8, 2020 to November 7, 2020, subject to review. All other terms and conditions of the directive remain unchanged.
The RBI was satisfied that, in public interest, the All Inclusive Directions originally issued to Millath Co-operative Bank Ltd. under Section 35A read with Section 56 of the Banking Regulation Act, 1949 should continue. The validity of the directive, previously extended up to May 7, 2020, was further extended from May 8, 2020 to November 7, 2020, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI All Inclusive Directions under Section 35A for a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI-imposed operational restrictions for the extended period ending November 7, 2020. Its business and customer-facing operations continue only within the limits of the existing directions, which may affect depositors and other stakeholders until the order is reviewed again.
Published as Millath Co-operative Bank Ltd., Devangere, Karnataka
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