Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – The City Co-operative Bank Limited, Mumbai - Extension of period
Case Brief
The Reserve Bank of India extended the period of Directions previously imposed on The City Co-operative Bank Ltd, Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The Directions, originally in force from 17 April 2018 and earlier extended from time to time, were continued up to 16 October 2022 by the July 8, 2022 directive. RBI said all other terms and conditions remain unchanged and the extension is subject to review.
RBI stated that The City Co-operative Bank Ltd, Mumbai had been placed under Directions from 17 April 2018, with the validity extended from time to time. By the July 8, 2022 directive, the Reserve Bank directed that the same Directions would continue to apply until 16 October 2022, with all other terms and conditions unchanged and subject to review.
Severity Assessment
This is an extension of RBI Directions under Section 35A/Section 56 against a cooperative bank, which carries a structural severity floor of 4.
The bank continues to operate under RBI-imposed restrictions until 16 October 2022, unless further extended or modified. The extension maintains the existing operational constraints on the cooperative bank and signals continued supervisory oversight; depositors and customers remain subject to the terms already in force.
Published as The City Co-operative Bank Ltd, Mumbai
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