Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India extended the existing directions imposed on The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions on March 30, 2017, and the latest order continues those directions till October 31, 2021, subject to review, with all other terms and conditions unchanged.
RBI, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, continued the directions earlier placed on The Kapol Co-operative Bank Ltd., Mumbai, Maharashtra. The release states that the bank had been under directions since March 30, 2017, the validity had been extended from time to time, and the latest extension continues the same terms and conditions until October 31, 2021, subject to review.
Severity Assessment
This is an RBI Section 35A/Section 56 directions extension on a cooperative bank, which is treated as a broad business restriction with severity 4 even though no new penalty is imposed.
The bank must continue operating under the same RBI directions through October 31, 2021, subject to further review. The extension keeps the existing restrictions in force and continues to affect the bank’s operations and customers under the original terms of the directive.
Published as The Kapol Co-operative Bank Ltd, Mumbai, Maharashtra
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