RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
RBI said the directive dated August 28, 2015 issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time and last extended up to February 08, 2021, would continue to apply for a further period of three months. The extension runs from February 09, 2021 to May 08, 2021, subject to review, under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
The Reserve Bank of India, acting under Section 35A read with Section 56 of the Banking Regulation Act, 1949, stated that the directive originally issued on August 28, 2015 to The Vaish Co-operative Commercial Bank Ltd., New Delhi, as modified from time to time, and last extended up to February 08, 2021, would continue to apply for a further period of three months from February 09, 2021 to May 08, 2021, subject to review. The release does not specify a new penalty or new restriction details; it only extends the existing directions.
Severity Assessment
This is an extension of RBI Section 35A directions / All-Inclusive Directions, which carry a severity floor of 4 as a broad business restriction on a cooperative bank.
The bank remains subject to the existing RBI directions through May 08, 2021 unless revised earlier on review. The continuation preserves the operational restrictions already in place, affecting the bank’s conduct and any customers or counterparties subject to those restrictions.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
The Vaish Co-operative Commercial Bank Ltd., New Delhi
Business restriction · Extension
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