Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Millath Co-operative Bank Limited, Davangere, Karnataka – Extension of period
Case Brief
The Reserve Bank of India has extended the period of operation of the existing All Inclusive Directions issued to Millath Co-operative Bank Limited, Davangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on April 26, 2019 and last extended up to May 7, 2021, will now continue from May 8, 2021 to August 7, 2021, subject to review. All other terms and conditions of the directions remain unchanged.
The Reserve Bank of India extended the period of operation of its earlier All Inclusive Directions issued to Millath Co-operative Bank Limited, Davangere, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive, last extended up to May 7, 2021, was continued for another three months from May 8, 2021 to August 7, 2021, subject to review, and all other terms and conditions remain unchanged.
Severity Assessment
An RBI All-Inclusive Directions order under Section 35A on a co-operative bank is a broad business restriction and is treated as severity 4, including when it is merely extended.
The bank continues to operate under the same RBI-imposed constraints for the extended period, with the restrictions remaining in force until August 7, 2021 unless reviewed earlier. Customers and counterparties remain subject to the operational limitations already embedded in the directions.
Published as Millath Co-operative Bank Limited, Davangere, Karnataka
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