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 has extended the existing directions on Rupee Co-operative Bank Ltd., Pune, Maharashtra that were first imposed on February 22, 2013. The bank remains under the same Section 35A read with Section 56 directions, now continuing until May 31, 2022, with all other terms and conditions unchanged. The release also notes that the extension should not be construed as RBI being satisfied with the bank's financial position.
The Reserve Bank of India stated that directions originally placed on the bank on February 22, 2013 would continue to apply. The validity had already been extended multiple times, and this release extends the same directions further until May 31, 2022 under Section 35A read with Section 56 of the Banking Regulation Act, 1949, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an RBI Section 35A directions extension on a cooperative bank, which is a broad operational restriction and therefore falls under severity 4.
The bank must continue operating under the existing RBI-imposed restrictions through May 31, 2022, unless the directions are revised earlier on review. The restrictions remain in force for the bank and affect its operations as previously set under the directive.
Published as Rupee Co-operative Bank Ltd., Pune, Maharashtra
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