Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 to The Suri Friends' Union Co-operative Bank Limited, Suri (West Bengal). The release says the earlier directive dated July 21, 2022, as modified from time to time and last extended up to July 22, 2024, will now continue to apply for a further period of three months from the close of business on July 22, 2024 to the close of business on October 22, 2024, subject to review. The bank is explicitly stated to continue undertaking banking business with restrictions, and the RBI notes that these directions are not to be construed as cancellation of the banking licence.