Case Brief
The Reserve Bank of India extended the period of operation of its existing directive dated March 28, 2014, as modified from time to time and last extended up to July 06, 2017. The extension applies to The Suri Friends’ Union Co-operative Bank Limited, Suri, West Bengal, for a further six months from July 07, 2017 to January 06, 2018, subject to review. RBI clarified that the order should not be construed as cancellation of the bank’s licence and that the bank will continue to undertake banking business with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Suri, West Bengal
- Order Date