Withdrawal of All Inclusive Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS) – Hindu Cooperative Bank Limited, Pathankot, Punjab
Case Brief
RBI had issued All-Inclusive Directions to Hindu Cooperative Bank Ltd., Pathankot, Punjab, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, through a directive dated March 13, 2019, which had been modified over time and last extended up to October 24, 2021. The central bank then withdrew those Directions in public interest, effective from close of business on October 14, 2021.
The Reserve Bank of India had previously issued Directions to Hindu Cooperative Bank Ltd., Pathankot, Punjab, under Section 35A read with Section 56 of the Banking Regulation Act, 1949, via directive dated March 13, 2019, as modified from time to time and last extended up to October 24, 2021. RBI stated that, in public interest, it was necessary to do so and therefore withdrew those Directions with effect from close of business on October 14, 2021.
Severity Assessment
This is a withdrawal of prior Section 35A directions, so it imposes no forward-looking adverse impact and must be severity 0.
The prior operating restrictions imposed under the Section 35A directions no longer apply from the stated effective time. The bank is no longer subject to those specific directions after close of business on October 14, 2021, and interested members of the public could inspect the directive at the bank’s premises.
Published as Hindu Cooperative Bank Ltd.
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Hindu Cooperative Bank Limited
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Hindu Cooperative Bank Limited
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Hindu Cooperative Bank Limited
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Hindu Co-operative Bank Ltd., Pathankot, Punjab
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