Purvanchal Co-operative Bank Ltd., Ghazipur (U.P)

RBI has extended the existing Section 35A directions on Purvanchal Co-operative Bank Ltd., Ghazipur (U.P.). The directions will continue unchanged until close of business on August 29, 2024, subject to review.

Purvanchal Co-operative Bank Ltd. must continue operating under the existing RBI Directions through August 29, 2024, subject to review. Any restrictions already imposed by those Directions remain in force for the bank and its customers until the new end date.

• 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 Section 35A Directions on Purvanchal Co-operative Bank Ltd., Ghazipur (U.P) until May 29, 2024. The earlier terms continue unchanged.

The bank remains subject to the same operational restrictions imposed under the existing RBI Directions through May 29, 2024, unless modified earlier by RBI. Customers and members continue to face whatever limits or conditions the Directions impose; RBI may review and change the restrictions depending on circumstances.

• Section 35A 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 (As Applicable to Co-operative Societies)

RBI imposed a ₹5 lakh penalty on Purvanchal Co-operative Bank Ltd., Ghazipur for multiple lending-related contraventions. The breaches covered housing finance, related-party lending, unsecured advances, asset classification/provisioning, and exposure limits.

The bank must bear the monetary penalty and continue complying with RBI’s lending, exposure, and accounting/provisioning norms. The action does not impose a restriction on operations, but it signals regulatory scrutiny over lending governance and related-party controls.

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