Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Shivam Sahakari Bank Ltd, Ichalkaranji, Kolhapur, Maharashtra - Extension of period
Case Brief
RBI has extended the validity of the existing Section 35A read with Section 56 directions against Shivam Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The original directions dated May 18, 2018 had already been extended earlier; this latest order continues them from November 01, 2020 to January 31, 2021, with all other terms and conditions unchanged and subject to review.
The Reserve Bank of India, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, continued the existing directive issued to Shivam Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The directions, originally issued on May 18, 2018 and last extended up to October 31, 2020, were extended further from November 01, 2020 to January 31, 2021, with all other terms and conditions remaining unchanged and subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is a broad business restriction and is assigned severity 4 even without a new monetary penalty.
The bank must continue operating under the same RBI-imposed restrictions through January 31, 2021 unless modified earlier on review. Depositors and other stakeholders remain subject to the consequences of the ongoing directions, while the bank’s business activities continue only within the existing limits.
Published as Shivam Sahakari Bank Ltd
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