Case Brief
What Happened
RBI notified that the Directions previously issued to HCBL Co-operative Bank Ltd., Lucknow (U.P.) under section 35A read with section 56 of the Banking Regulation Act, 1949 would continue to apply till November 24, 2023. The release states that the order is only an extension of the earlier Directions dated February 23, 2023, effective from the close of business on February 24, 2023, and that all other terms and conditions remain unchanged. It also clarifies that the issuance of these Directions should not per se be construed as cancellation of the bank's licence.