Extension of validity of Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Urban Co-operative Bank Ltd., Sitapur (U.P)
Case Brief
The Reserve Bank of India has extended the validity of the existing Directions on Urban Co-operative Bank Ltd., Sitapur (U.P), which had originally been imposed from the close of business on July 28, 2022. The directions, issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, will continue to apply until January 28, 2024, subject to review. All other terms and conditions remain unchanged.
RBI had placed Urban Co-operative Bank Ltd., Sitapur (U.P) under Directions from the close of business on July 28, 2022, and periodically extended the validity. This release states that the Directions shall continue to apply till January 28, 2024, 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 extension of RBI Directions under Section 35A on a bank, which carries a structural severity floor of 4 even though no new monetary penalty is imposed.
The bank remains subject to the same RBI operating restrictions already in place, and those restrictions continue through January 28, 2024 unless modified earlier by RBI. Depositors and the bank’s operations remain affected by the continuing directions.
Published as Urban Co-operative Bank Ltd., Sitapur (U.P)
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