The Imperial Urban Cooperative Bank Ltd., Jalandhar

RBI cancelled the licence of Imperial Urban Co-operative Bank Ltd., Jalandhar, and the bank must cease banking business from the close of business on April 25, 2025. RBI also asked the Punjab Registrar of Cooperative Societies to initiate winding up and appoint a liquidator.

The bank cannot continue any banking operations, including accepting or repaying deposits, from the close of business on April 25, 2025. Deposit holders may claim insurance cover up to ₹5 lakh per depositor, subject to DICGC provisions, and the winding-up process is expected to follow through the state registrar and a liquidator.

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

+2 more in the case brief

RBI extended the operating directions on Imperial Urban Co-operative Bank Ltd., Jalandhar for three more months. The bank remains subject to restrictions and can continue banking business only under those conditions.

Imperial Urban Co-operative Bank Ltd., Jalandhar must continue operating under RBI-imposed restrictions through June 10, 2025, subject to review. Customers and counterparties remain affected by the constraints on the bank’s business until RBI further modifies or withdraws the directions.

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

RBI extended the existing restrictions on Imperial Urban Cooperative Bank Ltd., Jalandhar for another three months. The bank will continue operating with restrictions until March 10, 2025, subject to review.

Imperial Urban Cooperative Bank Ltd., Jalandhar remains under RBI-imposed operating restrictions through close of business on March 10, 2025, unless reviewed earlier. The bank can continue banking business only subject to those conditions; depositors and counterparties should expect continued limits on normal operations until the restrictions are relaxed or withdrawn.

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

RBI has extended its existing directions on The Imperial Urban Cooperative Bank Ltd., Jalandhar for another three months. The earlier conditions remain unchanged.

The bank remains under the same RBI-imposed operating conditions until close of business on December 10, 2024, unless reviewed earlier. No new restrictions are described, but the existing directions continue to constrain the bank’s operations and any affected customers must continue to comply with those terms.

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

RBI extended its existing directions on The Imperial Urban Cooperative Bank Ltd., Jalandhar for another three months. The directive remains otherwise unchanged.

The bank remains subject to the same RBI restrictions for an additional three months, until close of business on September 10, 2024. No new terms are introduced, but the existing operational constraints continue to apply to the bank and its customers/counterparties under the directive.

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

RBI extended its existing Section 35A directions on The Imperial Urban Cooperative Bank Ltd., Jalandhar for another three months. The terms of the directive remain unchanged.

The bank remains under the same RBI restrictions through close of business on June 10, 2024, subject to review. Customers and counterparties continue to be affected by the operating conditions imposed by the directive until RBI changes or lifts it.

• 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 the Section 35A directions applicable to The Imperial Urban Cooperative Bank Ltd., Jalandhar for another three months. The existing terms remain unchanged.

The bank remains subject to the same RBI-imposed operating restrictions until close of business on March 10, 2024, subject to review. There is no restoration of normal operations in this release; the bank, its customers, and counterparties continue to operate under the existing directions.

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

RBI extended its existing Section 35A read with Section 56 directions against The Imperial Urban Cooperative Bank Ltd., Jalandhar. The directive now runs until close of business on December 10, 2023.

The bank remains subject to the same RBI-imposed operating restrictions through December 10, 2023, unless further reviewed/modified. Customers and counterparties continue to be affected by the existing directive conditions, which continue unchanged during the extension period.

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

RBI imposed a ₹1 lakh penalty on Imperial Urban Co-operative Bank Ltd., Jalandhar, Punjab. The bank had violated RBI directions by sanctioning/renewing loans and advances to directors and their relatives.

The bank must absorb the monetary penalty and remain compliant with RBI directions going forward, especially those restricting loans and advances to directors and their relatives. No depositors or customers are said to face an operational restriction from this order, but the bank remains under regulatory scrutiny.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949

RBI placed Imperial Urban Cooperative Bank, Jalandhar, under Section 35A/Section 56 directions restricting lending, investment, liabilities, deposits, and withdrawals. The bank may continue business only under these conditions.

Imperial Urban Cooperative Bank can continue operating only within the RBI-imposed restrictions. Customers face limits on withdrawals and the bank cannot expand lending, take fresh deposits, or undertake several liability and asset transactions without RBI approval. The directions apply from the close of business on March 10, 2023 and are valid for six months unless modified or reviewed by RBI.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 18A of the DICGC Act (amendment) 2021