Withdrawal of Directions - The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal
Case Brief
The Reserve Bank of India has withdrawn the Section 35A directions that were earlier imposed on The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal. Those directions, originally issued on March 28, 2014 and later extended/modified from time to time, were last extended up to January 6, 2018. The withdrawal takes effect from January 6, 2018, though the bank is stated to continue under operational instructions.
The Reserve Bank withdrew, in public interest and under section 35A(2) read with section 56 of the Banking Regulation Act, 1949, the Directions earlier issued on March 28, 2014 to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal. Those Directions had been extended and modified over time, with the last extension up to January 6, 2018 vide directive dated June 29, 2017. The release also notes that the bank would continue to be under operational instructions.
Severity Assessment
This is a withdrawal of prior directions, so it has no forward-looking adverse impact and is severity 0.
The prior Section 35A restrictions no longer apply from January 6, 2018. The bank may resume normal operations to the extent not covered by any continuing operational instructions, and customers are affected only by whatever residual instructions remain in force.
Published as The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal
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The Suri Friends’ Union Co-operative Bank Ltd.
Business restriction · Extension
The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal
Business restriction · Extension
The Suri Friends’ Union Co-operative Bank Ltd.
Business restriction · Extension
The Suri Friends’ Union Co-operative Bank Ltd.
Business restriction · Extension
The Suri Friends’ Union Co-operative Bank Ltd.
Business restriction · Extension
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