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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 have been extended multiple times, most recently until August 24, 2024.
RBI has now further extended the directions for three months, from August 24, 2024, to November 24, 2024, subject to review, as per Directive DOR.MON/D-43/12.22.133/2024-25 dated August 16, 2024. All other terms and conditions of the directions remain unchanged.
A copy of the directive has been displayed at the bank’s premises for the information of members and the public. RBI clarified that the extension should not be construed as satisfaction with the financial position of the bank.
The directions continue to ensure the bank maintains regulatory compliance, including cybersecurity measures, data protection, and secure handling of customer information, in line with RBI’s supervisory requirements.
[RBI]