Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of its existing Directions issued to The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directions, last extended up to August 24, 2022, will now continue to apply from August 25, 2022 to November 24, 2022, subject to review, and all other terms and conditions remain unchanged.
RBI had earlier issued Directions to The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. In this release, RBI states it is necessary in the public interest to extend the period of operation of those directions, which had last been extended up to August 24, 2022. The directions are continued for a further period of three months from August 25, 2022 to November 24, 2022, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions against a co-operative bank, which is a broad operational restriction and therefore severity 4.
The bank remains subject to the same RBI-imposed operational restrictions for the extended period. Its activities continue to be constrained under the directions until November 24, 2022, unless modified earlier on review.
Published as The Malkapur Urban Co-operative Bank Ltd., Buldhana, Maharashtra
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