Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District) – Extension of Period
Case Brief
The Reserve Bank of India has extended the existing directions issued to Uravakonda Co-operative Town Bank Ltd., Uravakonda (Anantapur District), under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, previously in force up to May 24, 2024, now continues until the close of business on August 24, 2024, subject to review, with all other terms and conditions remaining unchanged.
The Reserve Bank of India had earlier issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Uravakonda Co-operative Town Bank Ltd., and this release only extends the period of operation of that directive. The extension runs from the close of business on May 24, 2024 to the close of business on August 24, 2024, subject to review, with all other terms and conditions unchanged.
Severity Assessment
An extension of RBI Section 35A / Section 56 directions on a co-operative bank is a broad business restriction and is classified at severity 4.
The bank remains subject to the RBI directive for an additional three months, so any operational constraints in the existing order continue to apply. Customers and counterparties are affected only to the extent already covered by the underlying directions; no new terms were introduced, only the duration was extended.
Published as Uravakonda Co-operative Town Bank Ltd.
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