Case Brief
What Happened
RBI has extended the validity of its existing directions 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 directions dated July 21, 2022 had already been modified and extended earlier; this press release continues them unchanged for another three months, from October 23, 2023 to January 22, 2024, subject to review. RBI also notes that the directions are not to be construed as cancellation of the banking licence, and that the bank will continue banking business with restrictions until its financial position improves.