Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Dwarkadas Mantri Nagari Sahakari Bank Ltd, Beed – Withdrawal of Directions
Case Brief
RBI had placed Dwarkadas Mantri Nagari Sahakari Bank Ltd, Beed under Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 on March 09, 2022, and those directions were extended from time to time. In this release, RBI withdrew the directions after reviewing the bank's financial position and stating that withdrawal was necessary in the public interest.
The Reserve Bank of India had earlier issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Dwarkadas Mantri Nagari Sahakari Bank Ltd, Beed on March 09, 2022 for six months, and the validity was extended from time to time. After reviewing the bank's financial position, RBI stated that it was satisfied that withdrawal was necessary in the public interest and withdrew the Directions with effect from February 26, 2024.
Severity Assessment
This is a withdrawal of a prior Section 35A restriction, so it imposes no forward-looking adverse impact and is severity 0.
The bank is restored from the earlier Section 35A regime and no longer remains under the withdrawn directions as of February 26, 2024. This removes the operational constraints previously in force.
Published as Dwarkadas Mantri Nagari Sahakari Bank Ltd, Beed
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