Directions under Section 35A of the Banking Regulation Act, 1949 (AACS) - Maratha Sahakari Bank Ltd., Mumbai, Maharashtra
Case Brief
The Reserve Bank of India continued the Section 35A directive previously issued to Maratha Sahakari Bank Ltd., Mumbai, which had already been modified and extended earlier. The validity was extended from September 1, 2017 to February 28, 2018, and all other terms and conditions remain unchanged.
The Reserve Bank of India extended the Directive issued on August 31, 2016 to Maratha Sahakari Bank Ltd., Mumbai, as modified on February 23, 2017 and thereafter from time to time. The earlier validity, already extended up to August 31, 2017, was continued for a further six months from September 1, 2017 to February 28, 2018, subject to review, with all other terms and conditions remaining unchanged under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
Severity Assessment
This is an extension of RBI Section 35A directions on a cooperative bank, which is treated as a broad business restriction with severity 4.
Maratha Sahakari Bank Ltd., Mumbai remains subject to the same RBI-imposed operating restrictions for the extended period through February 28, 2018, subject to review. The bank must continue operating within the existing terms of the directive, and customers remain affected by those restrictions until they are lifted or revised.
Published as Maratha Sahakari Bank Ltd., Mumbai
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