RBI extends Directions issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
The Reserve Bank of India extended the directives issued to The Vaish Co-operative Commercial Bank Ltd., New Delhi under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The directives, originally dated August 28, 2015 and last extended up to 08.03.2017, were continued for a further six months until 08.09.2017, subject to review.
The Reserve Bank of India, in exercise of powers under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies), directed that the directives originally issued on August 28, 2015 and last extended up to 08.03.2017 shall continue to apply to The Vaish Co-operative Commercial Bank Ltd., New Delhi for a further period of six months, up to 08.09.2017, subject to review. This is an extension of an existing regulatory restriction on the bank's operations.
Severity Assessment
Section 35A directions on a bank are treated as a broad business restriction with severity 4, including when they are merely extended.
The bank remains subject to the same existing regulatory directions for the extended period, so its operations continue under RBI-imposed conditions until 08.09.2017 unless reviewed earlier. Customers and counterparties remain affected by the ongoing restriction.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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