Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 - Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak (Karnataka) - Extension of Period
Case Brief
The Reserve Bank of India has extended the operational directions already issued to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive dated September 26, 2024 had been valid up to March 27, 2025; this release extends the same directive for a further three months until June 27, 2025, with all other terms and conditions unchanged.
The Reserve Bank of India had earlier issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak on September 26, 2024, initially for six months up to March 27, 2025. In this release, RBI further extends the period of operation of that directive by three months, from close of business on March 27, 2025 to close of business on June 27, 2025, subject to review. All other terms and conditions of the directive remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A/Section 56 operating directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the existing RBI directions for the extended period and must continue operating under the same conditions until close of business on June 27, 2025, unless revised earlier on review. No new entity is added, but the bank and its customers remain affected by the continuing restrictions.
Published as Shree Mahalaxmi Urban Co-operative Credit Bank Ltd., Gokak
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