Case Brief
The Reserve Bank of India extended the validity of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends' Union Co-operative Bank Limited, Suri, West Bengal. The earlier directive, initially issued on July 21, 2022 and last extended up to July 22, 2023, has now been extended from July 23, 2023 to October 22, 2023, subject to review. RBI states that all other terms and conditions remain unchanged 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