Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Durga Co-operative Urban Bank Ltd., Vijayawada – Extension of Period
Case Brief
The Reserve Bank of India extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Durga Co-operative Urban Bank Ltd., Vijayawada. The directive, originally issued on July 28, 2022 and last extended up to July 29, 2023, is now continued for a further period from July 30, 2023 to October 29, 2023, subject to review. The release states that all other terms and conditions of the directive remain unchanged.
The Reserve Bank of India had already placed Durga Co-operative Urban Bank Ltd., Vijayawada under Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, first issued on July 28, 2022 and previously extended up to July 29, 2023. This release further extends the same directive for three months from July 30, 2023 to October 29, 2023, with all other terms and conditions unchanged.
Severity Assessment
An RBI Section 35A/Section 56 direction on a co-operative bank is a broad business restriction, and periodic extensions of such directions are classified at severity 4.
The bank must continue operating under the RBI’s existing restrictions until October 29, 2023, unless modified earlier on review. Any operational limits already contained in the directive remain in force, affecting the bank and its customers as before.
Published as Durga Co-operative Urban Bank Ltd., Vijayawada
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