Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Sarjeraodada Naik Shirala Sahakari Bank Ltd, Shirala, Dist. Sangli, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India had placed Sarjeraodada Naik Shirala Sahakari Bank Ltd under Directions beginning February 03, 2021 for a period of six months. By the August 02, 2021 directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI extended the applicability of those same Directions until November 03, 2021, subject to review. No other terms were changed, and the bank remains under the existing operating restrictions.
The Reserve Bank of India had already placed Sarjeraodada Naik Shirala Sahakari Bank Ltd under Directions from the close of business on February 03, 2021 for six months. Through the August 02, 2021 directive, RBI directed that those Directions continue to apply till November 03, 2021, subject to review, with all other terms and conditions unchanged, under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is an RBI Section 35A extension of existing operating directions on a cooperative bank, which the rubric treats as a broad business restriction with severity 4.
The bank must continue complying with the existing RBI Directions through November 03, 2021, subject to further review. The extension means the operational restrictions on the bank remain in force, affecting its activities and its customers until the directions are modified or lifted.
Published as Sarjeraodada Naik Shirala Sahakari Bank Ltd
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