Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Hiriyur Urban Co-operative Bank Ltd., Hiriyur – Extension of Period
Case Brief
The Reserve Bank of India has extended the existing Directions issued to The Hiriyur Urban Co-operative Bank Ltd., Hiriyur under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The earlier directive, effective from March 10, 2023, was continued for an additional three months from September 10, 2023 to December 10, 2023, subject to review. RBI noted that the Directive remains otherwise unchanged.
The Reserve Bank of India had earlier issued Directions to The Hiriyur Urban Co-operative Bank Ltd., Hiriyur, effective from the close of business on March 10, 2023. In this release, RBI stated that it was satisfied that, in the public interest, it was necessary to further extend the period of operation of the Directive. Accordingly, the Directive was extended for three more months, from the close of business on September 10, 2023 to the close of business on December 10, 2023, subject to review, with all other terms and conditions remaining unchanged under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is an RBI Section 35A/Section 56 directions extension for a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank continues to operate under the same RBI-imposed restrictions through December 10, 2023, subject to review. Customers and counterparties remain affected by whatever operational limits were already in place under the original directive, with no relaxation announced in this release.
Published as The Hiriyur Urban Co-operative Bank Ltd., Hiriyur
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