Case Brief
What Happened
The RBI has extended the validity of the directions issued to Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh, for a further six-month period from April 06, 2016 to October 05, 2016, subject to review. The bank had been under directions since October 06, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS). The release clarifies that the modification is only an extension and that all other terms and conditions of the directive remain unchanged.