Directions under Section 35 A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) – Sikar Urban Co-operative Bank Ltd, Sikar, Rajasthan- Extension of validity (Revised)
Case Brief
Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan was already operating under All-Inclusive Directions issued on 26 October 2018. By directive dated 7 December 2020, RBI extended the validity of those directions for another three months, from 10 December 2020 to 9 March 2021, while keeping all other terms and conditions unchanged.
The bank was already under All-Inclusive Directions from 9 Nov 2018. RBI’s 7 Dec 2020 directive extends the validity of the earlier Section 35A directions for a further three months, from 10 Dec 2020 to 9 Mar 2021, with all other terms and conditions unchanged and subject to review.
Severity Assessment
This is an extension of RBI All-Inclusive Directions under Section 35A, which is treated as a broad business restriction with severity 4.
The bank remains subject to the same operational restrictions that were already in place under the Section 35A directions until 9 March 2021. The release does not lift any restriction; depositors, customers, and counterparties continue to be affected by the existing limits and controls imposed on the bank.
Published as Sikar Urban Co-operative Bank Ltd., Sikar, Rajasthan
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