Case Brief
The Reserve Bank of India extended the validity of the directions issued to HCBL Co-operative Bank Ltd., Lucknow, Uttar Pradesh for six more months, from October 16, 2016 to April 15, 2017, subject to review. These directions were originally imposed on April 10, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS), effective from the close of business on April 16, 2015, and had already been modified and extended earlier. The release says the other terms and conditions remain unchanged and that further modifications may be considered depending on circumstances.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh