Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949 – Innovative Co-operative Urban Bank Limited, New Delhi – Extension of Per
The Reserve Bank of India extended regulatory oversight over Innovative Co-operative Urban Bank Limited for three additional months, citing public interest and pending review.
The Reserve Bank of India issued a directive to Innovative Co-operative Urban Bank Limited, New Delhi, under Sections 35A and 56 of the Banking Regulation Act, 1949. The initial six-month directive, effective from July 4, 2025, was later extended in June 2026. The latest extension follows the RBI’s assessment that continued oversight remains necessary in the public interest.
The RBI has now extended the directive for another three months, from October 4, 2026, to January 4, 2027. This decision is subject to periodic review and does not indicate RBI approval of the bank’s financial position. The extension maintains all prior terms and conditions of the original directive.
The directive’s extension reflects the RBI’s ongoing supervisory role to ensure compliance and stability in the banking sector. Innovative Co-operative Urban Bank Limited remains under regulatory scrutiny during this period. The bank is required to adhere to all conditions outlined in the original directive without modification.
The RBI’s action underscores its authority under the Banking Regulation Act to intervene when necessary for public interest. The extension does not imply any change in the bank’s operational constraints or restrictions imposed earlier. The RBI will continue to monitor the bank’s activities closely through January 2027.