Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune, Maharashtra – Extension of Period
Case Brief
RBI issued an extension of the existing Section 35A read with Section 56 directions applicable to Rupee Co-operative Bank Ltd., Pune, Maharashtra. The bank had originally been placed under directions from the close of business on February 22, 2013, and the validity had been extended from time to time. This notification continues those directions until August 31, 2021, with all other terms and conditions unchanged.
The Reserve Bank of India, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, continued the existing directions imposed on Rupee Co-operative Bank Ltd., Pune, Maharashtra. The directions had originally been placed on the bank from the close of business on February 22, 2013 and had already been extended time-to-time, with the last validity up to May 31, 2021. This release extends their applicability further till August 31, 2021, with all other terms and conditions unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains under RBI-imposed operating directions through August 31, 2021, so its activities continue to be constrained under the existing terms. Customers, depositors, and counterparties remain subject to the same restrictions and conditions already in force, unless and until RBI further modifies or withdraws the directions.
Published as Rupee Co-operative Bank Ltd., Pune, Maharashtra
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