RBI extends restrictions on Suri Friends’ Union Co-op Bank

The Reserve Bank of India has extended restrictions on The Suri Friends’ Union Co-operative Bank Limited, located in Suri, West Bengal, for another three months.

The extension applies from the close of business on 22 October 2026 until the close of business on 22 January 2027. It remains subject to review.

The bank was originally placed under RBI directions in July 2022. Those directions have been extended periodically, with the previous extension running until 22 October 2026.

The latest action has been taken under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The RBI said continuing the directions was necessary in the public interest.

Importantly, the central bank clarified that this extension should not be understood as an assurance that it is satisfied with the bank’s financial position.

All other terms and conditions of the existing directions remain unchanged. Therefore, the announcement does not itself provide fresh relaxation of the restrictions. rbi.org.in

For customers, the practical step is to obtain the instructions from the bank before planning withdrawals, transfers or other transactions.

The extension notice does not specify a new withdrawal limit. Customers should avoid relying on limits mentioned in older news reports without checking whether they remain applicable.

Keep account statements, deposit receipts and correspondence safely. If a transaction is restricted, ask the bank to explain the applicable direction and available procedure.

The January date is a review boundary, not a promise that restrictions will automatically end.

Further changes will depend on subsequent official RBI announcements.

Source:https://www.indiancooperative.com/co-op-news-snippets/rbi-extends-restrictions-on-suri-friends-union-co-op-bank-2/