U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow (Uttar Pradesh)- Withdrawal of Directions issued by the Reserve Bank of India
Case Brief
The Reserve Bank of India withdrew the directions earlier issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) to U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow, Uttar Pradesh. The directions had been issued on September 19, 2018 and extended and modified from time to time, with the last extension up to December 25, 2020. RBI stated that it was acting in the public interest under Section 35A(2).
RBI had issued directions under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) to U.P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow, on September 19, 2018, and those directions were extended and modified from time to time, with the last extension up to December 25, 2020. RBI then withdrew the said directions in exercise of powers under Section 35A(2), stating it was satisfied that withdrawal was necessary in the public interest.
Severity Assessment
This is a withdrawal of prior directions, so it has no forward-looking adverse impact and is severity 0.
The prior restrictions no longer apply to the bank. U.P. Civil Secretariat Primary Co-operative Bank Ltd. can continue regular banking business without the earlier Section 35A directions, and depositors/customers are no longer subject to those withdrawn operational constraints.
Published as U.P. Civil Secretariat Primary Co-operative Bank Ltd.
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The U.P. Civil Secretariat Primary Cooperative Bank Limited, Lucknow
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U. P. Civil Secretariat Primary Co-operative Bank Ltd., Lucknow
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