HCBL Co-op Bank: No end of woes

The Reserve Bank of India has extended directions issued to the HCBL Co-operative Bank Ltd., Lucknow for a further period of six months from April 16, 2017 to October 15, 2017, subject to review, according to a RBI release.

The bank had been under directions since the close of business on April 16, 2015 vide directive dated April 10, 2015 issued under Section 35A of the Banking Regulation Act, 1949 (AACS).

The aforesaid directive was modified and its validity extended upto April 15, 2017. The same has further been extended upto October 15, 2017 vide directive dated April 10, 2017, it adds.

The other terms and conditions of the directive shall remain unchanged. A copy of the directive dated April 10, 2017 is displayed at the bank’s premises for the perusal of public, it adds further.

The Reserve Bank may consider modifications of the directive depending upon circumstances, says the press release.

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