Case Brief
RBI has extended the period of operation of its existing Section 35A read with Section 56 directions issued to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal). The directive, originally issued on July 21, 2022 and last extended up to April 22, 2024, will now continue to apply from April 23, 2024 to July 22, 2024, subject to review. The release says the other terms and conditions remain unchanged and expressly notes that the directions are not a cancellation of the bank's licence; the bank may continue banking business only with restrictions until its financial position improves.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Suri, West Bengal