Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Garha Co-operative Bank Ltd., Guna, Madhya Pradesh – Extension of period
Case Brief
The Reserve Bank of India has extended the validity of the existing directions issued to Garha Co-operative Bank Ltd., Guna under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally dated February 23, 2021 and last extended on August 23, 2021, will now continue to apply from November 25, 2021 to February 24, 2022, subject to review. The release states that all other terms and conditions of the directive remain unchanged.
The Reserve Bank of India extended the period of operation of its existing Directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Garha Co-operative Bank Ltd., Guna. The original directive dated February 23, 2021, as last extended up to November 24, 2021, was continued for a further period from November 25, 2021 to February 24, 2022, with all other terms and conditions remaining unchanged and subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a broad business restriction at severity 4 even without a new penalty.
Garha Co-operative Bank Ltd., Guna remains subject to the same RBI-imposed operational restrictions for the extended period. The bank must continue complying with the existing directive until February 24, 2022, unless RBI modifies or withdraws it after review.
Published as Garha Co-operative Bank Ltd., Guna
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