Directions u/s 35A read with section 56 of the Banking Regulation Act, 1949 – Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of operation of its earlier directive issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on January 02, 2020 and last modified on January 07, 2021, was continued from July 11, 2021 to January 10, 2022, subject to review, with all other terms and conditions unchanged.
The Reserve Bank of India extended the validity of the existing Directive dated January 02, 2020, as last modified on January 07, 2021, issued to Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The order states that the directive shall continue to apply for a further six months from July 11, 2021 to January 10, 2022, subject to review, and that all other terms and conditions remain unchanged.
Severity Assessment
This is an RBI Section 35A / Section 56 operating restriction on a cooperative bank, and such directions are treated as a severity 4 business restriction even when only extended.
The bank must continue complying with the existing RBI directive for the additional six-month period. Its operations remain subject to the same restrictions/conditions already imposed under the directive, affecting the bank and its stakeholders until January 10, 2022 or until further review.
Published as Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru, Karnataka
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Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru
Business restriction · Extension
Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru
Business restriction · Extension
Sri Guru Raghavendra Sahakara Bank Niyamitha
Business restriction · Extension
Sri Guru Raghavendra Sahakara Bank Niyamitha, Bengaluru
Business restriction · Extension
Sri Guru Raghavendra Sahakara Bank Niyamitha
Business restriction · Extension
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