The Hardoi Urban Co-operative Bank Ltd

RBI cancelled the licence of Hardoi Urban Co-operative Bank Ltd., Hardoi, Uttar Pradesh. The bank can no longer carry on banking business, including accepting or repaying deposits.

The bank must stop all banking operations from the effective date. Depositors and other counterparties are affected because the bank is no longer permitted to accept or repay deposits or otherwise transact banking business.

• Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the 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 Hardoi Urban Co-operative Bank Ltd. until September 29, 2017. No new violations or penalties are stated in the release.

The bank remains subject to the existing RBI directions through September 29, 2017, meaning its operations continue under regulatory restrictions and review. The release does not describe a new penalty or a withdrawal of restrictions, only continuation of the prior order.

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

RBI extended the existing Section 35A directions on The Hardoi Urban Co-operative Bank Ltd. for six more months, up to July 29, 2017. The release says the modification should not be construed as improvement or deterioration in the bank’s financial position.

The bank continues to operate under RBI-imposed Section 35A restrictions through July 29, 2017, subject to any further review or modification by the Reserve Bank. Depositors, counterparties, and other stakeholders remain affected by the ongoing regulatory constraints on the bank’s operations.

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

RBI placed Hardoi Urban Co-operative Bank Ltd., Hardoi under restrictive directions under Section 35A of the Banking Regulation Act. The bank’s lending, investment, liability creation and deposit acceptance activities were curtailed, with only limited withdrawals and specified transactions allowed.

The bank must operate under tight RBI-imposed restrictions for six months from July 29, 2016 unless modified or reviewed earlier. Customers face withdrawal caps and limited account access, while the bank cannot expand credit, accept fresh deposits, or take on new liabilities except as permitted in the directions.

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