United Co-operative Bank Limited

RBI cancelled the licence of United Co-operative Bank Ltd., Bagnan, West Bengal. The bank must stop carrying on banking business and liquidation proceedings are to begin.

The bank must stop all banking operations immediately, including accepting and repaying deposits. Liquidation/winding-up proceedings are to follow, and depositors will be paid according to the DICGC framework, subject to statutory limits and process. The effective cessation date is the close of business on May 13, 2021.

• section 11(1)
• section 22 (3) (d) read with section 56 of the Banking Regulation Act, 1949
• section 22 (3) (a) read with section 56 of the Banking Regulation Act, 1949

+4 more in the case brief

RBI extended the existing restrictions on United Co-operative Bank Limited for two more months, from April 19, 2021 to June 18, 2021. The bank may continue banking business only subject to these restrictions.

United Co-operative Bank Limited remains subject to RBI-imposed operating restrictions through June 18, 2021. The bank can continue banking business only within those constraints, while customers and other stakeholders must continue to deal with the bank under the restricted regime; RBI may modify the directions depending on circumstances.

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

RBI extended the existing Section 35A restrictions on United Co-operative Bank Limited for three more months. The bank may continue operations only subject to those restrictions.

United Co-operative Bank Limited remains under RBI-imposed operating restrictions through April 18, 2021 and can continue banking business only within those limits. Depositors and other customers remain subject to the bank’s constrained operating environment, and RBI may modify the directions later depending on circumstances.

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

RBI extended its existing Section 35A directions on United Co-operative Bank Limited for another three months. The bank will continue banking business with restrictions.

The bank remains under RBI-imposed operating restrictions through January 18, 2021, affecting its ability to conduct unrestricted banking business. Depositors and counterparties continue to face the constraints of the existing directions, while the bank must operate within the limits set by RBI and may see modifications later depending on circumstances.

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

RBI extended the existing Section 35A directions on United Co-operative Bank Limited for another three months. The bank remains allowed to do business only under restrictions.

United Co-operative Bank Limited must continue operating under RBI-imposed restrictions through October 18, 2020, unless the directions are modified earlier. Depositors and other counterparties remain subject to the operational limits attached to the bank’s functioning, while the bank’s normal business remains constrained during the extension period.

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

RBI extended the existing Section 35A directions on United Co-operative Bank Limited for another three months. The bank can continue operating, but only under restrictions.

United Co-operative Bank Limited must continue to operate under RBI-imposed restrictions through July 18, 2020, subject to any further modification by RBI. Depositors and other stakeholders remain affected by the operational constraints, but the bank is not being shut down and may continue banking business within the prescribed limits.

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

RBI extended its Section 35A directions on United Co-operative Bank Limited for another six months. The bank can continue operating, but only under restrictions.

United Co-operative Bank Limited remains in operation, but its activities continue to be constrained by RBI-imposed conditions through April 18, 2020. Customers and counterparties must deal with the bank under those restrictions, and RBI may revise the directions later depending on the bank’s financial condition.

• 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 (AACS)

RBI extended its existing Section 35A directions on United Co-operative Bank Limited for another six months. The bank remains allowed to operate, but only under restrictions.

United Co-operative Bank Limited remains under RBI-imposed operating restrictions for the extension period ending July 18, 2019. Customers and counterparties can still deal with the bank, but only within the confines of the existing directions; RBI may modify the conditions depending on future circumstances.

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

RBI placed The United Cooperative Bank Limited under Section 35A restrictions. The bank’s lending, investments, liabilities, fresh deposits, and several other actions were curtailed, with deposit withdrawals capped.

The bank must operate under tight RBI-imposed limits for six months from July 18, 2018 unless modified earlier. Borrowing, lending, fresh deposits, payments, and asset disposals are restricted, and depositors face a withdrawal cap of ₹1,000 per account subject to set-off conditions.

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

RBI imposed a ₹5 lakh penalty on United Co-operative Bank Ltd., Bagnan, West Bengal. The bank was found to have violated RBI directives and guidelines on area of operation and branch/ATM/office authorisations.

The bank must absorb the ₹5 lakh penalty and address the compliance lapses identified by RBI in its operational authorisation and office/ATM management processes. No restriction on ongoing business is stated in the release beyond the monetary penalty.

• Section 47A (1) (a) and (c) read with Section 46 (2) and (4) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• Section 35(2) of the Banking Regulation Act, 1949 (AACS)