Durga Co-operative Urban Bank Ltd., Vijayawada

RBI cancelled the licence of The Durga Co-operative Urban Bank Ltd., Vijayawada. The bank must stop banking operations immediately.

The bank can no longer accept deposits, repay deposits, or otherwise conduct banking business from November 12, 2024 (close of business) onward, with the prohibition effective immediately upon cancellation. Depositors will have claims through DICGC up to ₹5 lakh per depositor, subject to the Act, and the bank is expected to go into liquidation.

• Section 11(1) of the Banking Regulation Act, 1949
• Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949
• Sections 22(3)(a), (b), (c), (d) and (e) read with Section 56 of the Banking Regulation Act, 1949

+2 more in the case brief

RBI has extended its existing Directions for Durga Co-operative Urban Bank Ltd., Vijayawada by another three months. The terms of the restriction remain unchanged.

Durga Co-operative Urban Bank Ltd. must continue complying with the existing RBI Directions without change until close of business on January 29, 2025, unless further modified or withdrawn. Depositors, customers, and counterparties remain subject to the operational limits imposed by the directive during the extension period.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing Section 35A directions on Durga Co-operative Urban Bank Ltd., Vijayawada. The directive now remains in force until close of business on October 29, 2024.

The bank remains subject to the same RBI-imposed operating restrictions already in place, with the directive continuing through October 29, 2024 unless reviewed earlier. Depositors, customers, and counterparties are affected indirectly because the bank must continue operating under the unchanged conditions of the directive.

• Section 35A
• Section 56
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The directive now runs until the close of business on July 29, 2024.

The bank must continue operating under the same RBI-imposed conditions until July 29, 2024, unless the directive is revised earlier. This affects the bank's operations and may continue to constrain normal business conduct for as long as the directions remain in force.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The earlier terms continue unchanged.

The bank remains subject to the same RBI-imposed operating restrictions until close of business on April 29, 2024, unless the directive is changed earlier upon review. Customers, depositors, and counterparties continue to be affected by whatever limitations are contained in the underlying directive, which remain in force unchanged.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing directions on Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The earlier terms remain unchanged.

The bank remains subject to the same operational restrictions already in force until January 29, 2024, unless further modified or withdrawn by RBI. Customers and counterparties are affected only to the extent imposed by the continuing directive.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The terms remain unchanged.

The bank must continue operating under the RBI’s existing restrictions until October 29, 2023, unless modified earlier on review. Any operational limits already contained in the directive remain in force, affecting the bank and its customers as before.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI extended its existing directions on Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The earlier restrictions remain in force unchanged.

The bank remains subject to the existing RBI operating restrictions for the extended period through July 29, 2023, unless further modified or withdrawn on review. The bank must continue complying with the unchanged terms of the directive, and its customers and counterparties remain affected by the ongoing restriction environment.

• Section 35 A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949

RBI extended its existing Section 35A directions against Durga Co-operative Urban Bank Ltd., Vijayawada for another three months. The earlier restrictions continue unchanged from January 30, 2023 to April 29, 2023, subject to review.

The bank remains subject to the same RBI-imposed operating restrictions for the extended period. Any depositors, borrowers, and counterparties continue to be affected by the unchanged directive until April 29, 2023 or further review/action by RBI.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI placed Durga Co-operative Urban Bank Ltd., Vijayawada under Section 35A directions with major operating restrictions. The bank can continue business only with those restrictions in place.

The bank must operate under RBI-imposed restrictions and cannot freely expand lending, accept new deposits, or undertake other specified transactions without prior approval. Depositors are subject to a withdrawal cap and conditions, while the bank’s management must comply with the directions until they expire or are modified by RBI.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI imposed a ₹5 lakh penalty on Durga Co-operative Urban Bank Ltd., Vijaywada, Andhra Pradesh. The penalty was for violating directives and guidelines on loans and advances to directors and their relatives.

The bank must absorb the monetary penalty; the release does not describe any additional operational restriction. The action signals RBI censure for related-party lending lapses, but no separate deadline or continuing compliance order is stated.

• Section 47A (1) (b) read with Section 46 (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)