Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing Directions against HCBL Co-operative Bank Ltd., Lucknow (U.P.) for a further period of three months, from the close of business on November 24, 2023 to the close of business on February 24, 2024, subject to review. The release states that the Directions were originally issued on February 23, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 and had already been extended from time to time. All other terms and conditions remain unchanged, and the RBI clarified that the Directions should not be construed as cancellation of the banking licence.