RBI Extends Regulatory Oversight: Three-Month Deadline Set for Suri Friends’ Union Co-operative Bank
The Reserve Bank of India (RBI) has extended critical regulatory directions concerning The Suri Friends' Union Co-operative Bank Ltd., located in Suri, West Bengal. This extension mandates the bank to comply with specific directives under Section 35A read with Section 56 of the Banking Regulation Act, 1949.The RBI Press Release confirms that the existing directions, which were last extended until July 22, 2026, are being further extended for an additional period. This action is part of the ongoing regulatory supervision mandated by the central bank.
Details of the Three-Month Extension Period
In exercising powers vested under Section 35A read with Section 56 of the Banking Regulation Act, 1949, the RBI has granted a three-month extension. The directions previously given to the co-operative bank are now extended from the close of business on July 22, 2026, until October 22, 2026.This decision comes after a series of previous directives issued by the Reserve Bank of India. Earlier guidance related to the bank was issued via Directive No. CO.DOS.SED.No.S2574/12-07-005/202223, with subsequent modifications extending the period up to July 22, 2026.
RBI’s Perspective on the Extension
The Reserve Bank of India stated that it finds it necessary in the public interest to further extend the operation of this directive beyond the current stipulated deadline. The continued extension allows for thorough regulatory monitoring and compliance efforts regarding the bank's operations.All previous terms and conditions associated with the original Directive remain unchanged by way of this extension. The RBI emphasized that the granting or modification of this period should not be construed as an indication of satisfaction regarding the financial position of The Suri Friends' Union Co-operative Bank Ltd.
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