RBI extends Directions to The Vaish Co-operative Commercial Bank Ltd., New Delhi
Case Brief
RBI has continued the Section 35A directive already applicable to The Vaish Co-operative Commercial Bank Ltd., New Delhi. The earlier directive, dated August 28, 2015 and modified from time to time, had already been extended up to July 08, 2018; this release extends it further for three months, from July 09, 2018 to October 08, 2018, subject to review.
The Reserve Bank of India, exercising powers under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), directed that the directive dated August 28, 2015, as modified from time to time, and previously extended up to July 08, 2018, shall continue to apply to The Vaish Co-operative Commercial Bank Ltd., New Delhi for a further period of three months from July 09, 2018 to October 08, 2018, subject to review.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains under the same RBI-imposed operational restrictions during the extended period. The direction affects the bank’s ability to operate normally and continues until October 08, 2018 unless reviewed earlier.
Published as The Vaish Co-operative Commercial Bank Ltd., New Delhi
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