Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka – Extension of period
Case Brief
The Reserve Bank of India has extended the period of operation of its existing directive issued to Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The extended period runs from April 09, 2023 to July 08, 2023, subject to review. The press release states that the other terms and conditions of the directive, as modified from time to time, remain unchanged.
The Reserve Bank of India extended the operation of its existing directive dated July 07, 2022 issued to Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive will continue to apply from April 09, 2023 to July 08, 2023, and all other terms and conditions remain unchanged, subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions against a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI restrictions and operating conditions that were already in force under the July 07, 2022 directive. The extension means the bank must continue complying with those conditions through July 08, 2023 unless RBI reviews or modifies the order.
Published as Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka
RegOversight structures the official RBI release for search and analysis. Use the linked release as the authoritative source.
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