Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shushruti Souharda Sahakara Bank Niyamita, Bengaluru, Karnataka– Extension of period
Case Brief
The Reserve Bank of India extended the operation of its earlier directions issued to Shushruti Souharda Sahakara Bank Niyamita, Bengaluru, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive dated April 07, 2022 will continue to apply for a further three months from October 08, 2022 to January 07, 2023, subject to review, and all other terms and conditions remain unchanged.
RBI had earlier issued directions to Shushruti Souharda Sahakara Bank Niyamita, Bengaluru, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949 vide directive dated April 07, 2022. In this release, RBI states that it is satisfied, in the public interest, that the period of operation of that directive should be extended. Accordingly, the directive is to continue to apply for a further period of three months from October 08, 2022 to January 07, 2023, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a bank, which is treated as a broad business restriction with severity 4 even when the terms are unchanged.
The bank remains under the same RBI-imposed operational conditions for the extended period and must continue complying with the existing directive until January 07, 2023, unless modified earlier on review. No new penalty is imposed, but the bank’s operations continue to be constrained under the standing directions.
Published as Shushruti Souharda Sahakara Bank Niyamita, Bengaluru, Karnataka
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