Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Mudhol Co-operative Bank Limited, Dist- Bagalkot, Karnataka – Extension of period
Case Brief
The Reserve Bank of India has extended the period of operation of its earlier All-Inclusive Directions issued to The Mudhol Co-Operative Bank Limited under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on April 2, 2019 and previously extended up to July 07, 2021, will now continue from July 08, 2021 to January 07, 2022, subject to review. No other terms and conditions were changed.
RBI stated that, in public interest, it was necessary to extend the validity of the existing All-Inclusive Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, originally issued on April 2, 2019 and last extended up to July 07, 2021, were continued for a further six months from July 08, 2021 to January 07, 2022, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI All-Inclusive Directions / Section 35A operating restrictions on a cooperative bank, which carries a structural severity of 4 even without a monetary penalty.
The bank remains under the same RBI-imposed operational restrictions for the extended period, with the existing conditions continuing unchanged. Customers and counterparties must continue to operate within those directions until January 07, 2022, unless RBI revises them earlier.
Published as The Mudhol Co-Operative Bank Limited
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