Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions earlier issued to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal) under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directive, dated July 21, 2022 and later modified on January 20, 2023, is now continued from April 23, 2023 to July 22, 2023, subject to review. The release says all other terms and conditions remain unchanged and clarifies that the order should not be construed as cancellation of the bank's licence. The bank may continue banking business, but only under the imposed restrictions.