Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The City Co-operative Bank Limited, Mumbai - Extension of period
Case Brief
The Reserve Bank of India has extended the existing directions imposed on The City Co-operative Bank Ltd., Mumbai under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The bank had originally been placed under directions on April 17, 2018, and those directions had been renewed from time to time; this release continues them unchanged for the period from close of business on January 16, 2024 to close of business on April 16, 2024, subject to review.
RBI had first placed The City Co-operative Bank Ltd., Mumbai under Directions on April 17, 2018, and the validity had been extended from time to time. This release further continues those Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, from close of business on January 16, 2024 to close of business on April 16, 2024, with all other terms and conditions unchanged and subject to review.
Severity Assessment
This is an extension of RBI Section 35A operating directions on a co-operative bank, which is treated as a business restriction with severity 4.
The bank remains under RBI operating directions during the extension period, and the earlier restrictions continue to apply without change. Customers and counterparties are affected only to the extent of the pre-existing directions; the release does not lift any restriction or restore normal operations. The extension is effective from close of business on January 16, 2024 until close of business on April 16, 2024, unless reviewed earlier by RBI.
Published as The City Co-operative Bank Ltd, Mumbai
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