Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd., Nilanga, Distt. Latur, Maharashtra

RBI extended its existing Section 35A directions on Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. for another three months. The bank remains subject to withdrawal and deposit-related restrictions.

The bank must continue operating under RBI-imposed limits on withdrawals and deposit acceptance through June 14, 2021, unless modified earlier. Depositors and customers remain affected by the ceiling on access to funds and deposit operations. RBI may review and modify the directions depending on circumstances.

• Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)

RBI has extended its existing Section 35A directions on Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. The bank remains subject to restrictions on withdrawals and acceptance of deposits until October 14, 2020.

The bank must continue operating under RBI-imposed restrictions through October 14, 2020, including limits on deposit withdrawals and acceptance of deposits, subject to further review or modification by RBI. Depositors and other customers remain affected by the ceiling/restrictions until the directions are changed or withdrawn.

• Section 35 A of the Banking Regulation Act, 1949 (AACS)
• Section 56 of the Banking Regulation Act, 1949

RBI extended its existing Section 35A directions for Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Ltd. until August 14, 2020. The bank continues to operate subject to withdrawal and deposit-related restrictions.

The bank must continue operating under RBI-imposed limits on withdrawals and deposit acceptance until August 14, 2020, subject to further review or modification. Depositors and customers remain affected by the ceilings/restrictions, while the bank cannot freely carry on normal deposit-taking business without complying with the directions.

• Section 35 A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 (AACS) read with Section 56 of the Banking Regulation Act, 1949

RBI placed Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank under six-month Directions from February 16, 2019. The bank faced tight operational restrictions, including a ₹1,000 withdrawal cap per deposit account.

The bank had to operate under severe business restrictions for six months, subject to RBI approval for most new liabilities and asset transactions. Depositors were limited to withdrawing up to ₹1,000 per account, and any depositor who also owed money to the bank could have that amount adjusted first against their borrowal account(s). The restrictions remained in force from close of business on February 16, 2019 unless modified by RBI.

• sub section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS) read with section 56 of the Banking Regulation Act, 1949