Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur – Extension of Period
Case Brief
The Reserve Bank of India has extended the existing directions applicable to Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur, which were first imposed on May 13, 2022 and had already been extended earlier. Under the latest directive dated November 08, 2023, the directions continue from the close of business on November 12, 2023 up to the close of business on February 12, 2024, subject to review. All other terms and conditions remain unchanged.
The Reserve Bank of India, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, continued the Directions already in force against Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. The release states that the earlier directions, first placed from close of business on May 13, 2022 and extended from time to time, shall continue from November 12, 2023 to February 12, 2024, subject to review, with all other terms and conditions unchanged.
Severity Assessment
This is an extension of RBI Section 35A operating directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the existing RBI restrictions through February 12, 2024, and must continue operating within those conditions. Depositors and other stakeholders remain affected by the ongoing directions until RBI reviews or changes them.
Published as Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur
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