Sahebrao Deshmukh Co-operative Bank Limited

RBI has extended the existing Section 35A directions on Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, until October 8, 2023. The terms of the earlier order remain unchanged.

The bank continues to operate under the same RBI-imposed restrictions through October 08, 2023, unless further modified or withdrawn. Customers and counterparties remain subject to any operational constraints imposed by the original directions, and the bank’s conduct will continue to be monitored under RBI review.

• 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 extended the existing Directions on Sahebrao Deshmukh Co-operative Bank Limited, Mumbai, Maharashtra. The earlier restrictions continue unchanged until July 08, 2023, subject to review.

The bank remains subject to the same RBI operating restrictions through July 08, 2023, unless further modified or revoked on review. Depositors and other stakeholders continue to face the consequences of the existing Directions, while the bank must operate within the unchanged conditions imposed by RBI.

• 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 extended its existing Directions on Sahebrao Deshmukh Co-operative Bank Limited, Mumbai. The restrictions remain in force until April 08, 2023, subject to review.

The bank remains subject to the same operational restrictions previously imposed under RBI Directions, with no change to the existing conditions until April 08, 2023 unless reviewed earlier. Customers, depositors, and counterparties continue to be affected by those restrictions during the extended period.

• 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 a monetary penalty of Rs 1 lakh on The Sahebrao Deshmukh Cooperative Bank Ltd., Mumbai. The penalty was for delayed reporting of fraud cases in violation of RBI directions on fraud monitoring and reporting.

The bank must absorb the monetary penalty, but the release does not impose any additional operational restriction. The action serves as a regulatory censure for deficient compliance with fraud reporting requirements.

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

RBI placed Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai under Section 35A directions with significant operational restrictions. Withdrawals were capped at ₹50,000 subject to conditions, while lending, fresh deposits, and several other activities required prior approval.

The bank must operate under RBI-imposed constraints until the directions are modified, reviewed, or expire. Customers face a withdrawal cap of ₹50,000 across accounts, and the bank cannot freely extend credit, accept fresh deposits, or undertake several balance-sheet actions without prior RBI approval. The order affects depositors, borrowers, and counterparties dealing with the bank.

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

RBI imposed a penalty of Rs 5 lakh on Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai. The action was for violations related to loans and advances to directors, relatives, and associated firms/concerns.

The bank must absorb the monetary penalty; the order does not describe a further operating restriction or suspension. The action is retrospective and does not itself impose a new cap or prohibition on customers, though it underscores compliance expectations around related-party lending.

• Section 47A(1)(c) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)

RBI imposed a ₹1 lakh penalty on Sahebrao Deshmukh Co-operative Bank Ltd., Mumbai. The penalty was for violating RBI instructions/guidelines on opening an on-site ATM.

The bank must absorb the monetary penalty, but the release does not describe any ongoing operational restriction beyond the fine. The action is adverse to the bank only through the financial penalty and related compliance signal.

• Section 47A(1) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)