Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India has further extended the period of operation of its existing Section 35A read with Section 56 directions against The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra. The directive, first issued on July 29, 2022 and previously extended up to January 29, 2025, is now extended for another three months, until the close of business on April 29, 2025, subject to review. All other terms and conditions remain unchanged.
The Reserve Bank of India had issued directions to The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra under Section 35A read with Section 56 of the Banking Regulation Act, 1949 and has now further extended their period of operation. The directive, originally issued on July 29, 2022 and last extended to January 29, 2025, is extended again for three months from the close of business on January 29, 2025 to the close of business on April 29, 2025, subject to review. The release states that all other terms and conditions of the directive remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A directions, which are treated as a broad business restriction with severity 4 even when unchanged.
The bank must continue operating under the same RBI-imposed restrictions until April 29, 2025, unless the directive is reviewed or modified earlier. Depositors, customers, and counterparties remain subject to whatever operational constraints were already in place under the original directions.
Published as The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra
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The Karmala Urban Co-operative Bank Ltd., Solapur
Action lifted · Lifted / withdrawn
The Karmala Urban Co-operative Bank Ltd., Solapur, Maharashtra
Business restriction · Extension
The Karmala Urban Co-operative Bank Limited
Business restriction · Extension
The Karmala Urban Co-operative Bank Limited, Solapur, Maharashtra
Business restriction · Extension
The Karmala Urban Co-operative Bank Limited
Business restriction · Extension
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