Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – The Madgaum Urban Co-operative Bank Ltd., Margao, Goa – Extension of Period
Case Brief
RBI has extended the operative period of the existing directions issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa. The original directive dated April 26, 2019 had already been extended multiple times, and the latest extension continues it for three more months from December 03, 2020 to March 02, 2021, subject to review. The release says all other terms and conditions remain unchanged.
The Madgaum Urban Co-operative Bank Ltd., Margao, Goa had already been placed under Directions vide directive dated April 26, 2019, effective from the close of business on May 02, 2019. RBI states that the validity of those Directions, last extended up to December 02, 2020, shall continue for a further three months from December 03, 2020 to March 02, 2021, subject to review, with all other terms and conditions remaining unchanged under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is an extension of RBI Directions under Section 35A, which is treated as a broad business restriction with severity 4 even without a new breach narrative.
The bank remains under the same RBI operating restrictions during the extended period. Customers, depositors, and the bank itself remain subject to the unchanged conditions until March 02, 2021 or until RBI reviews/changes the directive.
Published as The Madgaum Urban Co-operative Bank Ltd., Margao, Goa
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