Sanmitra Sahakari Bank Maryadit

RBI extended the Section 35A directions on Sanmitra Sahakari Bank Maryadit, Mumbai, for another four months. The existing restrictions continue unchanged through July 14, 2018.

The bank remains subject to the same operational restrictions imposed under the existing Section 35A directions until July 14, 2018, unless further modified. Customers, including depositors and other stakeholders, remain affected by the continuing constraints on the bank’s operations.

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

RBI extended the Section 35A directions on Sanmitra Sahakari Bank Maryadit, Mumbai, for another six months. The bank continues to operate under the same unchanged conditions.

The bank remains subject to the same operating restrictions contained in the Section 35A directions until March 14, 2018, unless RBI reviews and modifies them earlier. Customers and counterparties are affected only to the extent of the continuing restrictions already in force under the directive.

• Section 35A of the Banking Regulation Act, 1949

RBI extended its Section 35A directions on Sanmitra Sahakari Bank Maryadit for another three months. The bank remains under the same operational restrictions.

The bank continues to operate under the existing RBI-imposed conditions through September 14, 2017 unless revised earlier on review. Depositors and customers remain subject to the constraints of the directive, and the bank’s normal operations continue only within the limits already set by RBI.

• Section 35A of the Banking Regulation Act, 1949

RBI extended the existing directions on Sanmitra Sahakari Bank Maryadit, Mumbai, for another six months. The original terms stayed unchanged.

The bank remains subject to the existing RBI operational directions through June 14, 2017, unless reviewed and modified earlier. Customers and counterparties continue to face the same restrictions and conditions already imposed under the original directive.

RBI imposed a ₹1 lakh penalty on Sanmitra Sahakari Bank Maryadit, Mumbai. The penalty was for breaches of exposure limits and KYC/AML instructions.

The bank must absorb the financial penalty and the enforcement finding. There is no stated operational restriction, but the action signals regulatory non-compliance on exposure norms and AML/KYC controls.

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

RBI placed Sanmitra Sahakari Bank Maryadit, Mumbai, under Section 35A restrictions from the close of business on June 14, 2016. The bank’s lending, investment, liability-taking and fresh-deposit activities were curtailed, with only limited withdrawals allowed.

The bank must operate under RBI-imposed restrictions and cannot expand its balance sheet or freely disburse funds without prior approval. Depositors face withdrawal caps, while lending, investments, and new liabilities are constrained until RBI modifies the Directions or the bank’s financial position improves. The effective date is the close of business on June 14, 2016.

• sub section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• Section 56 of the Banking Regulation Act, 1949