Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka – Extension of period
Case Brief
The Reserve Bank of India extended the period of operation of its directive dated July 15, 2022 issued to Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive will continue to apply from January 19, 2023 to April 18, 2023, subject to review, and the other terms and conditions remain unchanged.
RBI, in public interest, extended the operation of its earlier directive dated July 15, 2022 issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka. The directive will continue to apply for three more months, from January 19, 2023 to April 18, 2023, subject to review, with all other terms and conditions unchanged.
Severity Assessment
This is an extension of existing Section 35A/Section 56 directions, which are treated as a broad business restriction with severity 4.
The bank remains under the same RBI operating conditions for the extended period, with no change to the existing restrictions. The extension continues to affect the bank’s operations until April 18, 2023, subject to further review by RBI.
Published as Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka
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