Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar – Extension of Period
Case Brief
The Reserve Bank of India has extended the ongoing Section 35A read with Section 56 directions applicable to Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar. The directive, originally issued on July 28, 2022 and last extended up to October 29, 2023, now continues until close of business on January 29, 2024, subject to review. No changes were made to the existing terms and conditions.
The Reserve Bank of India further extended the period of operation of the existing Directive issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar. The original directions had been issued on July 28, 2022 and last extended up to October 29, 2023; this release extends them from close of business on October 29, 2023 to close of business on January 29, 2024, subject to review. The release states that all other terms and conditions of the Directive remain unchanged.
Severity Assessment
This is an RBI Section 35A/Section 56 directions extension on a bank, which is treated as a broad business restriction with severity 4.
The bank remains under the same RBI-imposed operating conditions until January 29, 2024, unless reviewed earlier. Customers and counterparties continue to be subject to whatever restrictions were already in place under the directive.
Published as Jaiprakash Narayan Nagari Sahakari Bank Ltd., Basmatnagar
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