Pioneer Urban Co-operative Bank Ltd., Lucknow

RBI cancelled the licence of Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh, effective July 25, 2016. The bank was also prohibited from carrying on banking business and liquidation proceedings were initiated.

The bank must stop conducting banking business with immediate effect and move into liquidation. Depositors will be paid only under the DICGC framework, subject to the usual conditions and a ceiling of ₹1,00,000 per depositor, while the Registrar is expected to pursue winding up and appoint a liquidator. The action has immediate operational and creditor-distribution consequences for the bank and its depositors.

• section 11(1) of the Banking Regulation (B R) Act, 1949 (AACS)
• Section 11 and 22(3) of the B R Act 1949 (AACS)
• Section 5(b) of the B R Act, 1949 (AACS)

RBI cancelled the licence of Pioneer Urban Co-operative Bank Ltd., Lucknow on July 15, 2016. The bank can no longer carry on banking business, including accepting or repaying deposits.

The bank must stop carrying on banking business and cannot accept or repay deposits. The restriction directly affects the co-operative bank and its customers/depositors, who can no longer use the institution for ordinary banking transactions.

• Section 22 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• Section 56 of Banking Regulation Act, 1949
• Section 5(b) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)

RBI extended the existing Section 35A directions on Pioneer Urban Co-operative Bank Ltd., Lucknow for another three months. The earlier terms remain unchanged.

The bank remains subject to the same RBI operating restrictions through September 23, 2016 unless the directive is modified again. The restrictions continue to affect the bank's operations and may have implications for customers and counterparties depending on the specific terms of the underlying directive.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI has extended the Section 35A directions on Pioneer Urban Co-operative Bank Ltd., Lucknow for three more months, up to June 23, 2016. The existing terms and conditions continue unchanged.

The bank continues to operate under the same RBI-imposed Section 35A restrictions until June 23, 2016, unless modified earlier. Customers and counterparties should expect the existing operational constraints to remain in force during the extension period.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended the existing directions on Pioneer Urban Co-operative Bank Ltd., Lucknow until March 23, 2016. The bank remains under tight operational restrictions, including limits on lending, deposits, payments, and withdrawals.

The bank must continue operating under RBI-imposed restrictions through March 23, 2016 unless modified earlier. Borrowing, deposit mobilization, lending, investment activity, and most payments remain curtailed, and depositors can withdraw only the limited permitted amount once during the directions period.

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

RBI placed Pioneer Urban Co-operative Bank Ltd., Lucknow under directions for six months. The bank faces tight restrictions on lending, investments, liabilities, and depositor withdrawals.

The bank must operate under significant business restrictions until the directions are reviewed or modified by RBI. Borrowing, new deposits, lending, asset disposal, and most payments are blocked without prior RBI approval, while depositor withdrawals are limited to Rs 1,000 per account subject to set-off. Customers, depositors, borrowers, and sureties are directly affected.

• Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• Section 56 of the Banking Regulation Act, 1949