The Reserve Bank of India (RBI) has extended the directions issued to the Lucknow Urban Co-operative Bank Ltd., Lucknow (U.P.) for a period of three (03) months from July 29, 2023 to October 28, 2023, subject to review. The bank has been under direction from the close of business of July 28, 2022 vide directive order LKO.DOS.SED.No.S256/10-03-556/2022-2023 dated July 27, 2022 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The said direction was extended till April 28, 2023 vide directive ref. DOR.MON.D-66/12.28.009/2022-23 dated January 25, 2023 and further till July 28, 2023 vide directive ref. DOR.MON.D-16/12.28.009/2023-24 dated April 27, 2023.

The validity of the directive has been extended for a period of three (03) months from July 29, 2023 to October 28, 2023 vide directive order DOR.MON.No.D-48/12.28.009/2023-24 dated July 27, 2023 subject to review. A copy of the directive order dated July 27, 2023 is displayed at the bank’s premises for the perusal of public.

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.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2023-2024/663