Recorded RBI impact
Extension
Business restriction · Extension
Published by RBI
23 Feb 2022
Case Brief
The Reserve Bank of India extended the existing directions on Shri Anand Co-operative Bank Limited, Chinchwad, Pune, Maharashtra. The bank had originally been placed under directions from the close of business on June 25, 2019, and the validity had already been extended from time to time, with the last extension up to February 24, 2022. The present directive, issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949, continues those directions till May 24, 2022. All other terms and conditions remain unchanged.
Why RBI Acted
RBI, in exercise of powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949, directed that the earlier directions issued to Shri Anand Co-operative Bank Limited continue to apply till May 24, 2022. The release states this is an extension of the existing directions, with all other terms and conditions remaining unchanged.
Operating Impact
The bank remains subject to the same operational restrictions already in force until May 24, 2022, unless RBI reviews or changes them earlier. Customers and counterparties continue to face the existing constraints associated with the directions.
Regulatory Basis
- Section 35A
- Section 56
- sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949
Action Facts
- Primary Impact
- Extension
- Order Date
- 22 Feb 2022
- Effective From
- 25 Jun 2019
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank