Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Millath Co-operative Bank Ltd., Davangere, Karnataka – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of operation of its All Inclusive Directions issued to Millath Co-operative Bank Ltd., Davangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, first issued on April 26, 2019 and last extended on November 3, 2020, will continue to apply from February 8, 2021 to May 7, 2021, subject to review. RBI says all other terms and conditions remain unchanged.
The Reserve Bank of India extended the validity of the existing All Inclusive Directions issued to Millath Co-operative Bank Ltd., Davangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on April 26, 2019 and previously extended up to February 7, 2021, were continued for a further period of three months from February 8, 2021 to May 7, 2021, subject to review. The press release states that all other terms and conditions of the directions remain unchanged.
Severity Assessment
This is an extension of RBI All Inclusive Directions under Section 35A/56, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same operational restrictions contained in the existing All Inclusive Directions for the extension period ending May 7, 2021. Customers and depositors continue to face the consequences of the ongoing RBI-imposed constraints, while the bank must operate within the unchanged conditions of the directive.
Published as Millath Co-operative Bank Ltd., Davangere, Karnataka
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