Case brief
RBI has extended the existing directions on The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal, for three more months. The directive now runs until October 22, 2026, subject to review.
Impact
The bank must continue operating under the existing RBI-imposed conditions until October 22, 2026, unless modified or withdrawn earlier. The restriction affects the bank and, indirectly, its customers and counterparties, because the underlying directions remain in force unchanged during the extension period.
Why RBI acted
Regulatory basis
- 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