Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Garha Co-operative Bank Ltd., Guna, MP – Extension of period
Case Brief
The Reserve Bank of India has extended the operation of its existing directive issued to Garha Co-operative Bank Ltd., Guna under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions, dated February 23, 2021, were valid up to August 24, 2021; RBI has now continued them from August 25, 2021 to November 24, 2021, subject to review. No new terms were introduced and the earlier conditions continue unchanged.
The Reserve Bank of India extended the period of operation of its existing Directive No. DoS.CO.UCBs-West/D-3/12.07.005/2020-21 dated February 23, 2021, that had been issued to Garha Co-operative Bank Ltd., Guna under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally valid up to August 24, 2021, was extended for three additional months from August 25, 2021 to November 24, 2021, subject to review. The press release states that all other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A operating directions on a cooperative bank, which carries a structural severity of 4 regardless of any fine.
Garha Co-operative Bank Ltd., Guna remains subject to the same RBI-imposed operating restrictions through November 24, 2021 unless further modified. The bank must continue complying with the existing directive, and its customers and counterparties remain affected by those restrictions during the extended period.
Published as Garha Co-operative Bank Ltd., Guna
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