Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India extended the operation of its existing directions issued to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directive, earlier valid up to the close of business on November 22, 2024, has now been extended to the close of business on December 22, 2024, subject to review. RBI says all other terms and conditions of the directive remain unchanged.
RBI had earlier issued directions to Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949, last extended up to close of business on November 22, 2024. In this release, RBI states that in public interest it is necessary to further extend the period of operation of that directive for one more month, from November 22, 2024 to December 22, 2024, subject to review, with all other terms and conditions remaining unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions on a bank, which is treated as a broad business restriction with severity 4.
The bank continues to operate under the same RBI-imposed conditions for an additional month. Any operational limitations already in the directive remain in force until close of business on December 22, 2024, unless reviewed earlier by RBI.
Published as Saibaba Janata Sahakari Bank Limited, Latur, Maharashtra
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