Directions under Section 35 A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Shimsha Sahakara Bank Niyamitha, Maddur, - Extension of Period
Case Brief
The Reserve Bank of India has extended the existing Section 35A read with Section 56 directions issued to Shimsha Sahakara Bank Niyamitha, Maddur, Karnataka. The earlier directive, dated February 23, 2023, had been valid for six months up to August 24, 2023; RBI has now extended it from August 25, 2023 to November 24, 2023, subject to review. All other terms and conditions of the directive remain unchanged.
The Reserve Bank of India had earlier issued directions to Shimsha Sahakara Bank Niyamitha, Maddur, Karnataka under Section 35A read with Section 56 of the Banking Regulation Act, 1949, effective from February 23, 2023 for six months up to August 24, 2023. In this release, RBI states that, in public interest, it is necessary to further extend the period of operation of the directive beyond August 24, 2023. Accordingly, the directive is extended for a further three months from August 25, 2023 to November 24, 2023, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
Section 35A / Section 56 directions on a co-operative bank are a broad business restriction, and periodic extensions retain severity 4.
The co-operative bank continues to operate under the same RBI-imposed restrictions for the extended period. Customers, depositors, and counterparties remain subject to the operational limits in the directive until November 24, 2023, unless RBI reviews and modifies it earlier.
Published as Shimsha Sahakara Bank Niyamitha, Maddur
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