Raigad Sahakari Bank Limited

RBI has withdrawn the Section 35A Directions earlier issued to Raigad Sahakari Bank Limited, Mumbai. The directions had been extended from time to time before being lifted with effect from December 28, 2023.

The bank is no longer subject to the withdrawn RBI Directions as of December 28, 2023. Any operating constraints imposed by those directions have been lifted, so customers and the bank’s management are no longer bound by that specific restriction set.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (2) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Directions on Raigad Sahakari Bank Limited, Mumbai, for three more months. The earlier operating restrictions continue unchanged until January 18, 2024, subject to review.

Raigad Sahakari Bank must continue operating under the same RBI Directions and any associated restrictions through January 18, 2024, subject to review. The extension maintains the status quo for customers and counterparties, meaning any existing limitations on the bank’s operations continue for the stated period.

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

RBI extended the existing Directions on Raigad Sahakari Bank Limited, Mumbai, till October 18, 2023. The original conditions stay unchanged.

Raigad Sahakari Bank Limited remains subject to the same operating restrictions and conditions as before, now through October 18, 2023 unless reviewed earlier. The restrictions continue to affect the bank’s operations and its customers, with the exact limits governed by the unchanged original Directions.

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

RBI extended its existing directions on Raigad Sahakari Bank Limited, Mumbai, until July 18, 2023. The earlier terms remain unchanged.

The bank remains subject to RBI-imposed operating restrictions through July 18, 2023, unless modified earlier on review. Customers and counterparties continue to face the consequences of the existing directions, and the bank must comply with all unchanged terms and conditions of the order.

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

RBI imposed a ₹1 lakh monetary penalty on Raigad Sahakari bank Ltd., Mumbai for violating SAF operational instructions. The bank had sanctioned fresh gold loans despite the directions.

The bank must absorb the monetary penalty and remain compliant with the SAF operational instructions going forward. The order does not state any cancellation or suspension of banking operations, but it signals continued supervisory scrutiny over lending conduct, especially gold-loan origination.

• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing Section 35A directions on Raigad Sahakari Bank Limited, Mumbai, until April 18, 2023. The earlier terms and conditions remain unchanged.

Raigad Sahakari Bank Limited continues to operate under RBI-imposed restrictions through April 18, 2023, subject to further review. The bank, its customers, and counterparties remain affected by the unchanged operational constraints set out in the earlier directions.

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

RBI imposed Section 35A directions on Raigad Sahakari Bank Limited, Mumbai. The bank’s lending, investments, liabilities, deposits, payments, and asset disposals were restricted, and withdrawals were capped at ₹15,000.

The bank must operate under RBI-imposed restrictions for six months unless modified earlier. Customers face withdrawal limits of ₹15,000 across accounts, and the bank cannot freely expand lending, take fresh deposits, incur new liabilities, or dispose of assets without prior RBI approval.

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