Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune, Maharashtra - Extension of Period
Case Brief
The Reserve Bank of India extended the ongoing 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. By the August 27, 2021 directive, RBI continued those directions until November 30, 2021, subject to review, with all other terms and conditions unchanged.
The Reserve Bank of India stated that the directions originally placed on Rupee Co-operative Bank Ltd. under Section 35A read with Section 56 of the Banking Regulation Act, 1949 on February 22, 2013 had been extended from time to time, and were further continued up to November 30, 2021. The release says all other terms and conditions of the directive remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is a broad business restriction and is rated severity 4.
Rupee Co-operative Bank Ltd. continues to operate under the same RBI-imposed restrictions until November 30, 2021, unless revised earlier on review. The extension preserves the existing operational constraints affecting the bank and its customers, while not altering the underlying terms of the earlier directive.
Published as Rupee Co-operative Bank Ltd.
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