Direction to the bank under section 35a banking regul. act
Vinesh K Chhaya
(Querist) 22 January 2012
This query is : Resolved
Which Department of Reserve bank of India will consider The application for direction to the bank under section 35A of Banking regulation Act. The relavent matter is continue in DRT so ombudsman will not hear it.
M/s. Y-not legal services
(Expert) 22 January 2012
Section 35A in The Banking Regulation Act, 1949
sec:35A. 1[ Power of the Reserve Bank to give directions.-
(1) Where the Reserve Bank is satisfied that--
(a) in the 2[ public interest]; or
(aa) 3[ in the interest of banking policy; or]
(b) to prevent the affairs of any banking company being conducted in a manner detrimental to the interests of the depositors or in a manner prejudicial to the interests of the banking company; or
(c) to secure the proper management of any banking company generally; it is necessary to issue directions to banking companies generally or to any banking company in particular, it may, from time to time, issue such directions as it deems fit, and the banking companies or the banking company, as the case may be, shall be bound to comply with such directions.
(2) The Reserve Bank may, on representation made to it or on its own motion, modify or cancel any direction issued under sub- section (1), and in so modifying or cancelling any direction may impose such conditions as it thinks fit, subject to which the modification or cancellation shall have effect.
-tom-
Raj Kumar Makkad
(Expert) 22 January 2012
Nothing seems to be added in the rightful citation by tom.
prabhakar singh
(Expert) 23 January 2012
tom has resolved your query.
in view of pendency before DRT,there is no sense to go before ombudsman.
Shonee Kapoor
(Expert) 02 February 2012
Thank Tom.
Regards,
Shonee Kapoor
harassed.by.498a@gmail.com
Anirudh
(Expert) 02 February 2012
Dear Sirs,
After the reply of Mr. Tom, I don't find any value addition.
Can the experts refrain from such answers which do not contribute to value addition (I consider my current post also in this category).
