Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions already in force against HCBL Co-operative Bank Ltd., Lucknow (U.P.). The bank had been placed under directions on February 24, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949, and this latest directive continues those directions from February 24, 2024 to May 24, 2024, subject to review. RBI also notes that the earlier terms and conditions remain unchanged and that the issuance of these directions should not per se be construed as cancellation of the banking licence.