Moratorium on The Benaras State Bank Ltd. extended
Case Brief
The Central Government, acting on the Reserve Bank of India's recommendation, extended the existing moratorium in respect of The Benaras State Bank Ltd. The notification, issued on April 19, 2002, partially modified the earlier January 22, 2002 notification and continued the moratorium for a further period up to and inclusive of July 21, 2002. This is an extension of an already adverse restriction, not a fresh penalty or withdrawal.
The Central Government, on the recommendation of the Reserve Bank of India, partially modified its earlier notification dated January 22, 2002 and extended the period of moratorium in respect of The Benaras State Bank Ltd. The moratorium was continued for a further period up to and inclusive of July 21, 2002. The release does not specify any fresh violation; it records a continuation of the existing moratorium.
Severity Assessment
A moratorium is a full operational restriction on the bank and is severity 5; this release extends that moratorium rather than lifting it.
The bank remains under moratorium through July 21, 2002 and continues to face severe restrictions on normal operations. Depositors, counterparties, and other stakeholders remain affected by the bank's constrained functioning until the moratorium ends or is further modified.
Published as The Benaras State Bank Ltd.
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