Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Raigad Sahakari Bank Limited, Mumbai – Withdrawal of Directions
Case Brief
The Reserve Bank of India withdrew the Section 35A read with Section 56 Directions that had been issued to Raigad Sahakari Bank Limited, Mumbai on July 15, 2022. Those directions had been extended from time to time, with the last extension valid up to January 18, 2024. The withdrawal was made under Section 35A(2) read with Section 56 of the Banking Regulation Act, 1949, and took effect on December 28, 2023.
RBI had issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Raigad Sahakari Bank Limited, Mumbai on July 15, 2022 for six months, and the validity was extended periodically, last up to January 18, 2024. RBI has now withdrawn those Directions in exercise of its powers under Section 35A(2) read with Section 56, with effect from December 28, 2023.
Severity Assessment
This is a withdrawal of prior RBI Directions, so it has no forward-looking adverse impact and severity is 0.
The bank is no longer subject to the withdrawn RBI Directions as of December 28, 2023. Any operating constraints imposed by those directions have been lifted, so customers and the bank’s management are no longer bound by that specific restriction set.
Published as Raigad Sahakari Bank Limited, Mumbai
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