Directions under Section 35A read with Section 56 of Banking Regulation Act, 1949 (AACS) – Kolikata Mahila Co-operative Bank Limited, 8D Krishna Laha Lane, Kolkata, West Bengal– Withdrawal of Directions
Case Brief
The Reserve Bank of India has withdrawn the Directions that had been issued to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The release notes that the directions had earlier been extended and modified from time to time, and that the last such extension was valid up to April 09, 2021. The withdrawal is effective April 10, 2021.
Reserve Bank of India had previously issued Directions under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) to Kolikata Mahila Co-operative Bank Limited, Kolkata, West Bengal. Those directions were extended and modified from time to time, with the last extension remaining in force up to April 09, 2021. RBI has now withdrawn those directions in exercise of its powers under sub-section (2) of Section 35A read with Section 56, effective April 10, 2021.
Severity Assessment
This is a withdrawal of prior directions, so it imposes no forward-looking adverse impact and must be severity 0.
From April 10, 2021, the bank is no longer operating under the withdrawn Section 35A directions. The earlier restrictions no longer apply, so depositors and the bank’s operations are no longer subject to those specific conditions.
Published as Kolikata Mahila Co-operative Bank Limited
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