Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Dwarkadas Mantri Nagari Sahakari Bank. Ltd., Beed, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of operation of its earlier directive issued to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, first issued on March 9, 2022, will continue to apply from September 10, 2022 to December 9, 2022, subject to review. No other terms or conditions were changed.
The Reserve Bank of India extended the period of operation of its earlier directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Dwarkadas Mantri Nagari Sahakari Bank Ltd., Beed, Maharashtra. The release states that the directive will continue to apply for a further period of three months from September 10, 2022 to December 9, 2022, subject to review, with all other terms and conditions unchanged.
Severity Assessment
This is an extension of RBI Section 35A/Section 56 directions on a bank, which is treated as a broad business restriction with severity 4.
The bank continues to remain subject to the same RBI restrictions for the extended period, with the prior operational conditions still in force. Customers and counterparties are affected only to the extent already covered by the original directive; no new relaxation is provided, and the order remains under review until December 9, 2022.
Published as Dwarkadas Mantri Nagari Sahakari Bank. Ltd.
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