Recorded RBI impact
Lifted
Action lifted · Lifted / withdrawn
Published by RBI
12 Oct 2015
Case Brief
RBI has withdrawn the All Inclusive Directions issued on March 28, 2006 to Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The withdrawal took effect from the close of business on October 12, 2015, under Section 35A(2) of the Banking Regulation Act, 1949 (as applicable to cooperative societies). Following the withdrawal, the bank is permitted to continue regular banking business.
Why RBI Acted
The Reserve Bank of India withdrew the All Inclusive Directions originally issued on March 28, 2006 to Laxmi Vishnu Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra. The withdrawal was done under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to cooperative societies).
Operating Impact
The bank is no longer subject to the earlier Section 35A directions and may resume normal operations. Customers and members are affected only to the extent that the prior restrictions no longer apply, and regular banking business can continue from the stated effective time.
Regulatory Basis
- Section 35A(2) of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies)
Action Facts
- Primary Impact
- Lifted
- Order Date
- 28 Mar 2006
- Effective From
- 12 Oct 2015
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank