Extension of validity of Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – United India Co-operative Bank Limited, Nagina, Bijnor (U.P.)
Case Brief
RBI has extended the validity of the existing directions applicable to United India Co-operative Bank Limited, Nagina, Bijnor (U.P.) under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The extension runs from April 23, 2023 to July 22, 2023, subject to review. The release clarifies that the directions are not, by themselves, a cancellation of the bank's banking licence and that RBI may modify the directions depending on circumstances.
The Reserve Bank of India extended the validity of its existing directions issued to United India Co-operative Bank Limited, Nagina, Bijnor (U.P.) under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, originally in force from the close of business on July 22, 2022, were earlier extended till April 22, 2023 and were again extended from April 23, 2023 to July 22, 2023, subject to review. The press release notes that issuance of these directions should not per se be construed as cancellation of the bank's licence and that the RBI may consider modifications depending on circumstances.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is a broad business restriction with severity 4 regardless of any penalty.
The bank remains subject to the same RBI-imposed operating restrictions during the extension period. Depositors and other stakeholders continue to face the consequences of the existing directions until July 22, 2023 or until RBI reviews and modifies them.
Published as United India Co-operative Bank Limited, Nagina, Bijnor (U.P.)
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