Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar – Extension of Period
Case Brief
The Reserve Bank of India has further extended the period of operation of its existing directions issued to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, first issued on July 28, 2022 and previously extended up to July 29, 2023, will now continue from July 30, 2023 to October 29, 2023, subject to review, with all other terms and conditions unchanged.
The Reserve Bank of India extended the operation of its existing directions issued to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive had earlier been issued on July 28, 2022 and extended multiple times; this release further extends it from July 30, 2023 to October 29, 2023, with all other terms and conditions remaining unchanged.
Severity Assessment
An RBI Section 35A/Section 56 directions extension on a bank is a broad business restriction and is always severity 4.
The bank must continue operating under the RBI directive until October 29, 2023, subject to review. Any operational constraints already imposed by the underlying directions remain in force, affecting the bank and its customers until the directive is modified or withdrawn.
Published as Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar
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