Recorded RBI impact
Extension
Business restriction · Extension
Published by RBI
1 Nov 2013
Case Brief
The Reserve Bank of India extended the existing directions applicable to The Udhna Citizen Co-operative Bank Ltd., Surat by a further six months. The bank will continue to operate under those directions from November 2, 2013 through May 1, 2014. The press release notes that the directions were first imposed from the close of business on November 2, 2010, later modified in April 2013, and are issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) in public interest.
Why RBI Acted
The Reserve Bank of India extended the existing directions on The Udhna Citizen Co-operative Bank Ltd., Surat for another six months, continuing the bank under directions from November 2, 2013 to May 1, 2014. The release states the directions were originally imposed from the close of business on November 2, 2010 and last modified in April 2013, and that they were issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) in public interest.
Operating Impact
The bank remains subject to RBI-imposed operating restrictions until May 1, 2014. The directions constrain the bank’s activities and remain in effect for the benefit of public interest and for the information of members of the public.
Regulatory Basis
- Sub-section (1) of Section 35A of Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
Action Facts
- Primary Impact
- Extension
- Effective From
- 2 Nov 2013
- Entities Affected
- 1
- Entity Role
- Primary
- Entity Type
- Co-operative bank