Case Brief
What Happened
The Reserve Bank of India extended the validity of the Section 35A read with Section 56 directions already in force against HCBL Co-operative Bank Ltd., Lucknow (U.P.). The earlier directions, originally issued from February 24, 2023 and last extended up to August 24, 2024, will now continue from close of business on August 24, 2024 to close of business on November 24, 2024, subject to review. The RBI stated that all other terms and conditions of the directions remain unchanged and clarified that the extension should not be interpreted as satisfaction with the bank’s financial position.