Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Harihareshwar Sahakari Bank Limited, Wai, Satara - Extension of period
Case Brief
The Reserve Bank of India has extended the Directions already imposed on Harihareshwar Sahakari Bank Limited, Wai, Satara, which had been placed under directions from the close of business on May 31, 2022. The current release states that, in exercise of powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, the directions shall continue to apply till May 31, 2023, subject to review. All other terms and conditions remain unchanged.
The RBI had placed Harihareshwar Sahakari Bank Limited, Wai, Satara under Directions from the close of business on May 31, 2022. By the present release, RBI exercises powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to continue those Directions till May 31, 2023, subject to review, with all other terms and conditions 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.
The bank remains subject to the existing RBI operating restrictions through May 31, 2023, unless reviewed earlier. Customers and counterparties must continue to deal with the bank under the same constraints already in force; the release does not restore normal operations.
Published as Harihareshwar Sahakari Bank Limited, Wai, Satara
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