Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur – Extension of Period
Case Brief
The Reserve Bank of India has extended the Directions already in force against Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur. The bank had originally been placed under Directions from May 13, 2022, and the order had been extended multiple times. By the August 9, 2023 directive, RBI continued the same Directions until November 12, 2023, subject to review, without changing any other terms or conditions.
The Reserve Bank of India extended the existing Directions issued to Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had already been placed under Directions from the close of business on May 13, 2022, and the validity had been extended from time to time, most recently up to August 12, 2023. RBI directed that the same Directions shall continue to apply till November 12, 2023, subject to review, with all other terms and conditions unchanged.
Severity Assessment
This is an RBI Section 35A/Section 56 directions extension on a co-operative bank, which is a broad business restriction with severity 4.
The bank remains subject to the same operating restrictions until November 12, 2023, unless the RBI reviews or modifies the order earlier. Customers and other stakeholders continue to face the effects of the existing Section 35A restrictions, and the bank must operate within the unchanged regulatory conditions.
Published as Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur
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