Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Kapol Co-operative Bank Ltd Mumbai, Maharashtra – Extension of Period
Case Brief
RBI had already placed The Kapol Co-operative Bank Ltd., Mumbai, under Directions starting March 30, 2017. In this release, RBI states that those directions, previously valid up to April 30, 2022, will continue to apply till October 31, 2022, subject to review, with all other terms and conditions unchanged.
Under Section 35A read with Section 56 of the Banking Regulation Act, 1949, RBI had originally placed The Kapol Cooperative Bank Ltd., Mumbai, under Directions from March 30, 2017; those directions had been extended from time to time, last up to April 30, 2022. By the April 29, 2022 directive, RBI continued the same Directions till October 31, 2022 subject to review, with all other terms and conditions unchanged.
Severity Assessment
An RBI Section 35A / All-Inclusive Directions extension on a bank is a broad business restriction and is rated severity 4 even when it is only continued unchanged.
The bank remains subject to the existing RBI operating restrictions through October 31, 2022, unless revised earlier by RBI. The extension continues to constrain the bank's operations and affects customers and counterparties to the extent covered by the underlying Directions.
Published as The Kapol Cooperative Bank Ltd Mumbai, Maharashtra
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