Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra– Extension of Period
Case Brief
The Reserve Bank of India has extended the Directions already in force against Shri Anand Co-operative Bank Limited, Pune, Maharashtra. The bank had originally been placed under Directions from the close of business on June 25, 2019, and the latest order continues those Directions until June 24, 2021, subject to review. The release also clarifies that all other terms and conditions of the existing directives remain unchanged.
The Reserve Bank of India had placed Shri Anand Co-operative Bank Limited, Pune, Maharashtra under Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 from the close of business on June 25, 2019. This press release only extends the validity of those directions, which had previously been extended from time to time, and states that the directions shall continue to apply till June 24, 2021, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
This is an RBI Section 35A extension, which is a broad business restriction on a bank and is assigned severity 4 even without a monetary penalty.
Shri Anand Co-operative Bank Limited continues to operate under the existing RBI Directions through June 24, 2021, unless further revised. The restriction remains in force for the bank and its customers, with no change to the earlier conditions imposed by RBI.
Published as Shri Anand Co-operative Bank Limited
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