RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
The Reserve Bank of India has extended the applicability of its earlier Section 35A directive to The Vaish Co-operative Commercial Bank Ltd., New Delhi. The directive, originally issued on August 28, 2015 and modified from time to time, was last extended up to August 08, 2020 and will now continue from August 09, 2020 to February 08, 2021, subject to review. No new penalty is described; this is a continuation of the existing regulatory restrictions.
The Reserve Bank of India, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, ordered that the directive originally issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time, and last extended up to August 08, 2020, will continue to apply for a further six-month period from August 09, 2020 to February 08, 2021, subject to review. This is an extension of the existing operating restrictions rather than a new order.
Severity Assessment
An RBI Section 35A extension on a bank is treated as a broad business restriction with severity 4.
The bank must continue to operate under the existing RBI directions for an additional six months, subject to further review. Depositors and other stakeholders remain subject to the same restrictions already in force, and the bank cannot assume any relaxation until RBI changes the order.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
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