Directions under Section 35 A read with Section 56 of the Banking Regulation Act, 1949 – The Madgaum Urban Co-operative Bank Ltd., Margao, Goa – Extension of Period
Case Brief
RBI notified that the directions originally issued to The Madgaum Urban Co-operative Bank Ltd., Margao, Goa on April 26, 2019 will continue to apply for a further period of two months. The extension runs from June 03, 2021 to August 02, 2021, and the release states that all other terms and conditions of the directive remain unchanged.
The bank had already been placed under Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 from May 02, 2019, with the validity extended from time to time. By the June 02, 2021 directive, RBI continued the same directions for another two months, from June 03, 2021 to August 02, 2021, subject to review, with all other terms and conditions unchanged.
Severity Assessment
This is an RBI Section 35A directions extension for a cooperative bank, which is treated as a broad business restriction with severity 4.
The bank must continue operating under the existing RBI restrictions for the extension period. Any limits or operational conditions already imposed by the prior directions remain in force, affecting the bank and its customers until August 02, 2021, unless modified further by RBI.
Published as The Madgaum Urban Co-operative Bank Ltd., Margao, Goa
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