It is hereby notified for information of public that the Reserve Bank of India is satisfied that in the public interest, it is necessary to extend the period of operation of the Directive dated March 28, 2014, read with Directive dated December 30, 2016 issued to The Suri Friends’ Union Co-operative Bank Limited, Suri, West Bengal.
Accordingly, the Reserve Bank of India in exercise of powers vested in it under sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949, hereby directs that the Directive dated March 28, 2014 issued to The Suri Friends’ Union Co-operative Bank Limited, Suri, West Bengal, as modified from time to time, the validity of which was last extended vide Directive dated December 30, 2016 up to July 06, 2017, shall continue to apply to the bank for a further period of six months from July 07, 2017 to January 06, 2018, subject to review.
Other terms and conditions of the directive under reference as modified from time to time, shall remain unchanged.
The issue of the above Directions by the RBI should not per se be construed as cancellation of banking licence by RBI. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.
Jose J. Kattoor
Chief General Manager
Press Release: 2017-2018/89