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The Reserve Bank of India (RBI) has extended the validity of directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) for HCBL Co-operative Bank Ltd., Lucknow. The original directions were issued on February 23, 2023, and were last valid until August 24, 2024. The extension now continues from August 24, 2024, to November 24, 2024, as per RBI Directive DOR.MON/D-43/12.22.133/2024-25 dated August 16, 2024, subject to review.
The directions, which remain in effect with all previous terms and conditions unchanged, focus on ensuring the bank adheres to regulatory requirements, including cybersecurity measures, data protection, and secure handling of customer information, in line with RBI’s mandate on risk management and operational compliance.
RBI has displayed a copy of the directive at the bank’s premises for the information of members and the public, noting that the extension does not imply satisfaction with the financial position of the bank.
[RBI]