Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949–The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India has further extended the existing directions issued to The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, originally issued on July 29, 2022 and last extended to January 29, 2024, will now remain in force until the close of business on April 29, 2024, subject to review. All other terms and conditions of the directions remain unchanged.
The Reserve Bank of India extended the period of operation of its existing directions issued to The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive had earlier been issued on July 29, 2022 and was last extended up to January 29, 2024; this release further extends it from the close of business on January 29, 2024 to the close of business on April 29, 2024, subject to review. The release states that all other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A/Section 56 directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank must continue operating under the same RBI-imposed restrictions until the close of business on April 29, 2024, unless the directive is reviewed or modified again. Customers and counterparties remain subject to the existing constraints in the directive.
Published as The Karmala Urban Co-operative Bank Limited
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The Karmala Urban Co-operative Bank Ltd., Solapur
Action lifted · Lifted / withdrawn
The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra
Business restriction · Extension
The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra
Business restriction · Extension
The Karmala Urban Co-operative Bank Limited
Business restriction · Extension
The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra
Business restriction · Extension
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