Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Durga Co-operative Urban Bank Ltd., Vijayawada – Extension of Period
Case Brief
The Reserve Bank of India has extended the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 against Durga Co-operative Urban Bank Ltd., Vijayawada. These directions, originally issued in July 2022 and last extended to April 29, 2024, are now continued for a further three months, up to the close of business on July 29, 2024, subject to review. The RBI states that all other terms and conditions remain unchanged.
The Reserve Bank of India said it had earlier issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Durga Co-operative Urban Bank Ltd., Vijayawada, and those directions had already been extended up to the close of business on April 29, 2024. In this release, RBI further extends the same directive for three months, from April 29, 2024 to the close of business on July 29, 2024, subject to review. The release states that all other terms and conditions of the directive remain unchanged.
Severity Assessment
This is an RBI Section 35A/Section 56 operating direction on a bank, which is treated as a broad business restriction with severity 4 even when it is only extended.
The bank must continue operating under the same RBI-imposed conditions until July 29, 2024, unless the directive is revised earlier. This affects the bank's operations and may continue to constrain normal business conduct for as long as the directions remain in force.
Published as Durga Co-operative Urban Bank Ltd., Vijayawada
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The Durga Co-operative Urban Bank Ltd., Vijayawada
License cancellation · Fresh imposition
Durga Co-operative Urban Bank Ltd., Vijayawada
Business restriction · Extension
Durga Co-operative Urban Bank Ltd., Vijayawada
Business restriction · Extension
Durga Co-operative Urban Bank Ltd., Vijayawada
Business restriction · Extension
Durga Co-operative Urban Bank Ltd., Vijayawada
Business restriction · Extension
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