Case Brief
What Happened
The Reserve Bank of India has extended the period of operation of its existing Section 35A read with Section 56 directions issued to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal). The directive, originally issued on July 21, 2022 and last extended up to January 22, 2024, will now continue from January 23, 2024 to April 22, 2024, with all other terms unchanged and subject to review. RBI states that the directions are not a cancellation of the banking licence and that the bank may continue banking business only with restrictions until its financial position improves.