Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949– Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Hingoli, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of its existing All Inclusive Directions issued to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Hingoli, Maharashtra. The original directive dated July 28, 2022 was to operate for six months up to January 29, 2023; RBI has now continued it for a further three months from January 30, 2023 to April 29, 2023, subject to review. All other terms and conditions of the directive stay unchanged.
RBI had earlier issued All Inclusive Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Hingoli, Maharashtra on July 28, 2022 for six months. In this release, RBI states it is satisfied that extension is necessary in the public interest and directs that the same directive shall continue to apply for a further three months from January 30, 2023 to April 29, 2023, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
An RBI All Inclusive Directions extension under Section 35A/56 is a broad business restriction, which carries severity 4 regardless of whether it is a fresh order or an extension.
The bank remains subject to the same operational restrictions under the Section 35A/Section 56 directive for the extended period through April 29, 2023, unless RBI reviews or modifies it earlier. The restriction continues to affect the bank’s operations and its customers under the unchanged terms of the directive.
Published as Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar, Hingoli, Maharashtra
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