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Extension of validity of Directions under Section 35A read with section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) HCBL Co-operative Bank Ltd Lucknow (U.P.)
November, 24th 2023

The Reserve Bank of India, vide Directive LKO.DOS.SED.No.S842/10-12-133/2022-2023 dated February 23, 2023 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), 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 these Directions was extended time-to-time, last being up to November 24, 2023.

2. It is hereby notified for the information of the public that, the Reserve Bank of India, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies), hereby extends the aforesaid Directions for a further period of three months from close of business of November 24, 2023 to close of business of February 24, 2024, subject to review, vide its Directive DOR.MON/D-93/12.22.133/2023-24 dated November 20, 2023.

3. All other terms and conditions of the Directions under reference shall remain unchanged. A copy of the Directive dated November 20, 2023 notifying the above extension is displayed at the bank’s premises for the perusal of members and public.

4. The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by the RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/1347

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