Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 - The Mudhol Co-operative Bank Limited, Dist. Bagalkot, Karnataka – Extension of Period
Case Brief
RBI has extended, without change in other terms, the All Inclusive Directions issued to The Mudhol Co-operative Bank Limited, District Bagalkot, Karnataka, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive had already been extended up to July 7, 2020; the fresh extension keeps it in force from July 8, 2020 through October 7, 2020, subject to review.
The Reserve Bank of India extended the period of operation of its All Inclusive Directions issued to The Mudhol Co-operative Bank Limited under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on April 2, 2019 and previously extended up to July 7, 2020, was made applicable again from July 8, 2020 to October 7, 2020, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI All-Inclusive Directions under Section 35A/56, which is a broad business restriction and is assigned severity 4.
The bank must continue operating under the same RBI-imposed restrictions for the extended period. Any depositors, borrowers, and counterparties remain affected by the ongoing limitations until the directions are reviewed or further modified.
Published as The Mudhol Co-operative Bank Limited
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