RBI extends the Directive for a further period of 3 months to close of business
FinTech BizNews Service
Mumbai, November 24, 2023: RBI has extended its Directions 2 Coop Banks for a further period of three months from close of business of November 24, 2023.
1 The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S842/10-12-133/2022-2023 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P.) under Directions from the close of business on February 24, 2023. The validity of these Directions was extended time-to-time, last being up to November 24, 2023.
It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), hereby extends the aforesaid Directions for a further period of three months from close of business of November 24, 2023 to close of business of February 24, 2024, subject to review, vide its Directive DOR.MON/D-93/12.22.133/2023-24 dated November 20, 2023.
All other terms and conditions of the Directions under reference shall remain unchanged. A copy of the Directive dated November 20, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public.
The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by the RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
2 The Reserve Bank of India issued Directions to Thodupuzha Urban Co-operative Bank Ltd, Kerala under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), vide Directive No. CO.DOS.SED.No.S3361/12-07-005/2022-2023 dated August 23, 2022, from close of business on August 23, 2022, for a period of six months, which were extended from time to time, last being up to November 23, 2023, vide Directive No. DOR.MON.D-60/12.16.051/2023-24 dated August 22, 2023.
The Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the aforesaid Directions. Accordingly, vide the Directive DOR.MON.D-94/12.16.051/2023-24 dated November 21, 2023 in exercise of powers vested in it under sub-section (1) of section 35A read with section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India has directed that the Directive No. CO.DOS.SED.No.S3361/12-07-005/2022-2023 dated August 23, 2022, issued to Thodupuzha Urban Co-operative Bank Limited, Kerala, the validity of which was last extended up to November 23, 2023, shall continue to apply to the bank for a further period of three months, i.e., from close of business on November 23, 2023 to close of business on February 23, 2024, subject to review. Other terms and conditions of the Directive under reference, as modified from time to time, shall remain unchanged.
