Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 –The Faiz Mercantile Cooperative Bank Ltd., Nashik– Extension of Period
Case Brief
The Reserve Bank of India extended the existing Directions issued to The Faiz Mercantile Cooperative Bank Ltd., Nashik under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive, dated March 2, 2023, had been in force for six months up to September 3, 2023. RBI has now continued the same directive for a further three months from September 4, 2023 to December 3, 2023, and stated that all other terms and conditions remain unchanged.
RBI had earlier issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Faiz Mercantile Cooperative Bank Ltd., Nashik on March 2, 2023 for six months up to September 3, 2023. In this release, RBI states that it is necessary in the public interest to extend the period of operation of the Directive beyond September 3, 2023 and accordingly extends it for a further three months from September 4, 2023 to December 3, 2023, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Directions under Section 35A/56 on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same RBI operating conditions through December 3, 2023, unless further modified on review. The extension continues to constrain the bank’s operations in the manner set out in the underlying Directions, affecting the bank and its customers.
Published as The Faiz Mercantile Cooperative Bank Ltd., Nashik
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