The Reserve Bank of India has extended the period of directions on the Lucknow based HCBL Cooperative Bank for three months till 24th November 2023, subject to review.
A press release issued by RBI says , “The aforesaid Directions shall continue to apply to the bank till November 24, 2023, subject to review”.
“The Reserve Bank of India had placed the HCBL Co-operative Bank Ltd., Lucknow (U.P.) under Directions from the close of business on February 24, 2023. The validity of the Directions was up to August 24, 2023”, it further reads.
Besides, all other terms and conditions of the Directions under reference shall remain unchanged.
A copy of the Directive dated August 18, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public”, it reads.
RBI clarified that the issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
