Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – The National Co-operative Bank Ltd., Bangalore – Extension of Period
Case Brief
The Reserve Bank of India extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against The National Co-operative Bank Ltd., Bangalore. The original directive, dated July 24, 2023, had run for six months up to close of business on January 24, 2024; this release continues it for a further three months until close of business on April 24, 2024, with all other terms and conditions unchanged.
RBI had originally issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The National Co-operative Bank Ltd., Bangalore on July 24, 2023 for six months up to close of business on January 24, 2024. In this release, RBI states that it is satisfied, in public interest, that the period of operation should be further extended, and therefore extends the directive for three more months from close of business on January 24, 2024 to close of business on April 24, 2024. All other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Directions under Section 35A, which are treated as a broad business restriction with severity 4 even when only continued unchanged.
The bank must continue operating under the same RBI-imposed restrictions until close of business on April 24, 2024, subject to further review. Any operational limits contained in the underlying directive remain in effect for the bank and its customers during this period.
Published as The National Co-operative Bank Ltd., Bangalore
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