Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Defence Accounts Co-operative Bank Ltd., Pune- Withdrawal of Directions
Case Brief
The Reserve Bank of India withdrew the Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 that had been issued to Defence Accounts Co-operative Bank Ltd., Pune on 9 March 2023 and extended from time to time. The release states that, after reviewing the bank's financial position, RBI decided in the public interest to withdraw the directions with effect from 16 January 2025.
RBI had issued directions to Defence Accounts Co-operative Bank Ltd., Pune on 9 Mar 2023 for six months, which were modified from time to time and last extended up to close of business on 10 Mar 2025. After reviewing the bank's financial position, RBI stated that in the public interest it was necessary to withdraw the directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, with effect from 16 Jan 2025.
Severity Assessment
This is a withdrawal of an existing Section 35A restriction, so it has no forward-looking adverse impact and severity is 0.
The bank is no longer subject to the withdrawn Section 35A directions from 16 January 2025 onward. Any operational limits imposed by those directions cease to apply from that date, restoring the bank's position to that extent.
Published as Defence Accounts Co-operative Bank Ltd., Pune
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