Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune, Maharashtra - Extension of Period
Case Brief
The Reserve Bank of India extended the Section 35A read with Section 56 directions that were already in force against Rupee Co-operative Bank Ltd., Pune, Maharashtra. The bank had been under these directions since February 22, 2013, and the latest order continued them until May 31, 2021, subject to review. RBI also clarified that all other terms and conditions of the prior directive would remain unchanged.
RBI, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, directed that the existing Directions placed on Rupee Co-operative Bank Ltd. continue to apply till May 31, 2021, subject to review. The release states that all other terms and conditions of the directive remain unchanged, indicating a continuation of the prior operational restrictions rather than a new set of conditions. The bank had originally been placed under Directions from the close of business on February 22, 2013, with the validity extended from time to time, the last extension being up to February 28, 2021.
Severity Assessment
This is an RBI Section 35A directions extension on a cooperative bank, which is treated as a broad business restriction with severity 4.
Rupee Co-operative Bank Ltd. remains subject to the same RBI restrictions until May 31, 2021, unless reviewed earlier. The bank must continue operating within the existing conditions imposed by the directions, and the public/depositors remain affected by those ongoing constraints.
Published as Rupee Co-operative Bank Ltd., Pune, Maharashtra
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