Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Durga Co-operative Urban Bank Ltd., Vijayawada – Extension of Period
Case Brief
The Reserve Bank of India has extended the period of operation of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Durga Co-operative Urban Bank Ltd., Vijayawada. The directive, originally issued on July 28, 2022 and last extended up to October 29, 2023, will now remain in force from October 30, 2023 to January 29, 2024, subject to review. No other terms were changed.
The Reserve Bank of India, citing public interest, further extended the period of operation of the existing Directions issued to Durga Co-operative Urban Bank Ltd., Vijayawada under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive had originally been issued on July 28, 2022 and last extended up to October 29, 2023; this release extends it for another three months from October 30, 2023 to January 29, 2024. The release states that all other terms and conditions remain unchanged.
Severity Assessment
This is a Section 35A/Section 56 extension of existing bank directions, which is a broad business restriction and is assigned severity 4 regardless of any fine.
The bank remains subject to the same operational restrictions already in force until January 29, 2024, unless further modified or withdrawn by RBI. Customers and counterparties are affected only to the extent imposed by the continuing directive.
Published as Durga Co-operative Urban Bank Ltd., Vijayawada
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