Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – The Madgaum Urban Co-operative Bank Ltd., Margao, Goa – Extension of Period
Case Brief
The Reserve Bank of India extended the validity of the directions previously issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive, first issued on April 26, 2019 and last extended up to March 02, 2021, will continue to apply from March 03, 2021 to June 02, 2021, subject to review. The release states that all other terms and conditions remain unchanged.
The Reserve Bank of India notified that the directive dated April 26, 2019, issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and last extended up to March 02, 2021, shall continue to apply to The Madgaum Urban Co-operative Bank Ltd. for a further period of three months, from March 03, 2021 to June 02, 2021, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
This is an extension of existing RBI Section 35A directions, which are treated as a broad business restriction with severity 4.
The bank remains under the same RBI operating conditions for the extension period, with the existing restrictions continuing through June 02, 2021 unless further modified or withdrawn. Depositors and other stakeholders remain subject to the bank's constrained operations during this period.
Published as The Madgaum Urban Co-operative Bank Ltd.
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