Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra – Extension of Period
Case Brief
The Reserve Bank of India extended the operating directions already in force against The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra. The directive, originally issued on April 05, 2024 and last extended up to April 08, 2025, is now extended further from the close of business on April 08, 2025 to the close of business on July 08, 2025, subject to review. No other terms were altered.
The Reserve Bank of India had earlier issued directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Shirpur Merchants’ Co-operative Bank Ltd., Shirpur, Maharashtra. This press release does not introduce a new restriction; it extends the existing directive for a further three months, from the close of business on April 08, 2025 to the close of business on July 08, 2025, subject to review. All other terms and conditions remain unchanged.
Severity Assessment
This is an extension of RBI Section 35A operating directions against a co-operative bank, which is a broad business restriction with severity 4.
The bank remains subject to the same RBI restrictions for the extended period, with the directive continuing unchanged through July 08, 2025. Customers and counterparties are affected to the extent of the existing operating constraints under the Section 35A directions.
Published as The Shirpur Merchants’ Co-operative Bank Ltd.
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