Extension of validity of Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Urban Co-operative Bank Ltd., Sitapur (U.P)
Case Brief
The Reserve Bank of India has extended the validity of the Directions already in force against Urban Co-operative Bank Ltd., Sitapur (U.P). The bank had originally been placed under Directions on July 28, 2022, and the latest release extends those Directions up to October 28, 2023, subject to review. The RBI also clarifies that the extension does not mean cancellation of the bank’s banking licence, and that the Directions may be modified depending on circumstances.
The RBI had placed Urban Co-operative Bank Ltd., Sitapur (U.P) under Directions from the close of business on July 28, 2022, and had earlier extended them up to July 28, 2023. In this release, the RBI states that under Section 35A read with Section 56 of the Banking Regulation Act, 1949, the Directions shall continue to apply till October 28, 2023, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A Directions on a cooperative bank, which is a broad business restriction with severity 4.
The bank must continue complying with the existing Section 35A Directions through October 28, 2023, subject to any future review or modification by RBI. The release does not cancel the banking licence, but it keeps the bank operating under the same restrictions already in place.
Published as Urban Co-operative Bank Ltd., Sitapur (U.P)
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