In a major relief Reserve Bank of India has withdrawn the Directions imposed on the Suri Friends’ Union Co-operative Bank based in Suri, West Bengal. It remained under directions for nearly four years.
In a press release the regulator said “Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of section 35A read with section 56 of the Banking Regulation Act, 1949, hereby withdraws with effect from January 06, 2018, the said Directions so issued to The Suri Friends’ Union Co-operative Bank Ltd., Suri, West Bengal.”
However, the bank would continue to be under operational instructions, the release added.
Reserve Bank had issued Directions under Banking Regulation Act to The Suri Friends’ Union Co-operative Bank vide Directive dated March 28, 2014.”
“Directions imposed were extended and modified from time to time, last being up to January 06, 2018 vide Directive dated June 29, 2017.”