Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions already in force against The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal). The bank had been under directions since the close of business on July 22, 2022 under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The earlier validity period, which ran up to January 22, 2023, has now been extended by three months, from January 23, 2023 to April 22, 2023, subject to review. The release states that the directions should not be construed as cancellation of the bank's licence and that RBI may modify the directions depending on circumstances.