RBI extends Directions issued to the HCBL Co-operative Bank Ltd., Lucknow
Case Brief
The Reserve Bank of India has extended the existing Section 35A directions applicable to HCBL Co-operative Bank Ltd., Lucknow. The extension runs from April 16, 2017 to October 15, 2017, subject to review, and the release states that all other terms and conditions of the directive remain unchanged. The bank had originally been placed under directions on April 16, 2015, and the order had already been modified and extended previously.
The Reserve Bank of India extended the directions issued to HCBL Co-operative Bank Ltd., Lucknow for a further six months, from April 16, 2017 to October 15, 2017, subject to review. The bank had already been under directions since April 16, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS); the order had earlier been modified and its validity extended to April 15, 2017. The April 10, 2017 directive further extended the same restrictions without changing other terms and conditions.
Severity Assessment
This is an extension of RBI Section 35A directions on a co-operative bank, which is a broad operational restriction and is treated as severity 4.
HCBL Co-operative Bank must continue operating under the RBI’s existing restrictions until October 15, 2017, unless the directive is modified earlier. The bank’s customers and counterparties remain subject to the operational limits imposed by the directions during this period.
Published as HCBL Co-operative Bank Ltd., Lucknow
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