Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka – Extension of period
Case Brief
The Reserve Bank of India extended the period of operation of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 issued to Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka. The directive, originally dated February 18, 2021 and last extended up to February 19, 2022, will now continue from February 20, 2022 to May 19, 2022, subject to review. No other terms or conditions were changed.
The Reserve Bank of India, acting under Section 35A read with Section 56 of the Banking Regulation Act, 1949, extended the validity of its earlier directive issued to Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka. The extended period runs from February 20, 2022 to May 19, 2022, subject to review, and all other terms and conditions of the directive remain unchanged.
Severity Assessment
This is an RBI Section 35A direction against a cooperative bank, and such operating directions are treated as a business restriction with severity 4 even when only extended.
The bank remains subject to the same RBI operating restrictions for the extended period, from February 20, 2022 to May 19, 2022. Its business operations must continue in accordance with the unchanged directive until the RBI reviews or modifies it.
Published as Deccan Urban Co-operative Bank Limited, Vijayapura, Karnataka
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