Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Sangli Sahakari Bank Ltd., Mumbai, Maharashtra – Withdrawal of Directions
Case Brief
The Reserve Bank of India has withdrawn the Directions earlier issued to Sangli Sahakari Bank Ltd., Mumbai, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949. Those directions had been in force and extended from time to time, but RBI decided to lift them after reviewing the bank's financial position. The withdrawal took effect from the close of business on December 27, 2024.
The Reserve Bank of India had earlier issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Sangli Sahakari Bank Ltd., Mumbai, Maharashtra, which had been extended from time to time and were last valid up to close of business on January 08, 2025. After reviewing the bank's financial position, RBI withdrew those Directions in exercise of its powers under sub-section (2) of Section 35A read with Section 56, with effect from the close of business on December 27, 2024.
Severity Assessment
This is a withdrawal of prior RBI directions, so it imposes no forward-looking adverse impact and severity is 0.
The bank is no longer subject to the withdrawn Section 35A / Section 56 directions from the effective date. Customers and the bank's management are relieved of the operational restrictions previously imposed under those directions, subject to any other applicable regulatory requirements.
Published as Sangli Sahakari Bank Ltd.
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