Recorded RBI impact
Lifted
Action lifted · Lifted / withdrawn
Published by RBI
3 Nov 2017
Case Brief
The Reserve Bank of India has withdrawn the All Inclusive Directions that had been issued on September 08, 2015 to Nashik District Girna Sahakari Bank Ltd., Nashik, Maharashtra. The withdrawal was made under Section 35A(2) of the Banking Regulation Act, 1949 (as applicable to co-operative societies) and became effective on November 02, 2017. Following the withdrawal, the bank is allowed to undertake regular banking business again.
Why RBI Acted
The Reserve Bank of India withdrew the All Inclusive Directions issued vide order dated September 08, 2015 to Nashik District Girna Sahakari Bank Ltd., Nashik, Maharashtra, under sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The withdrawal takes effect from November 02, 2017, and the bank may continue normal banking operations thereafter.
Operating Impact
The bank is no longer subject to the earlier All Inclusive Directions and can resume normal operations. Depositors and customers are no longer constrained by the prior restriction regime, subject to ordinary banking rules.
Regulatory Basis
- sub-section (2) of Section 35A of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)
Action Facts
- Primary Impact
- Lifted
- Order Date
- 8 Sept 2015
- Effective From
- 2 Nov 2017
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank