Directions under Section 35 A read with Section 56 of the BR Act 1949 (AACS)- The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala- Extension of period
Case Brief
RBI has continued the directions previously issued to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directive, originally dated November 02, 2018 and last extended up to December 09, 2020, will now apply for a further six months from December 10, 2020 to June 09, 2021. The press release states that all other terms and conditions remain unchanged.
The Reserve Bank of India extended the validity of its earlier directions issued to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, first issued on November 02, 2018 and previously extended up to December 09, 2020, were ordered to continue from December 10, 2020 to June 09, 2021. The release states that the other terms and conditions of the directive, as modified from time to time, remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is treated as a broad business restriction with severity 4 regardless of any fine.
The bank remains subject to the RBI directions for the extended period through June 09, 2021, and must continue operating under the same restrictions and conditions already in place. No new relief is provided to customers or counterparties; the prior operational constraints continue subject to review.
Published as The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala
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