Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi- Extension of period
Case Brief
The Reserve Bank of India extended the existing directions on Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi, which had originally been placed under directions from June 14, 2023. The latest order continues the same directions from close of business on June 14, 2024 till close of business on September 14, 2024, subject to review, with all other terms and conditions unchanged.
RBI stated that directions first issued on June 13, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 will continue to apply to Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi. The earlier validity had been extended from time to time, last up to June 14, 2024, and this extension keeps the same terms and conditions in force from close of business on June 14, 2024 till close of business on September 14, 2024, subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank remains under RBI-imposed operational constraints for the extension period ending September 14, 2024. Any restrictions already contained in the underlying directions continue to apply to the bank, and the public is informed that the extension does not indicate RBI satisfaction with the bank's financial position.
Published as Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
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Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
Business restriction · Extension
Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
Business restriction · Extension
Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
Business restriction · Extension
Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
Business restriction · Extension
Sawantwadi Urban Co-operative Bank Ltd., Sawantwadi
Business restriction · Extension
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