RBI extends validity of the Directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh
Case Brief
The Reserve Bank of India has further extended the validity of the directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh. The extension is for six months, from September 12, 2016 to March 11, 2017, and is subject to review. The release states that the bank has been under directions since June 12, 2014 under Section 35A of the Banking Regulation Act, 1949 (AACS), and that the other terms and conditions of the directive remain unchanged.
The Reserve Bank of India extended the validity of the directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow, under Section 35A of the Banking Regulation Act, 1949 (AACS). The extension runs for a further six months from September 12, 2016 to March 11, 2017, subject to review, and the other terms and conditions of the directive remain unchanged. The release notes that the bank has been under directions since June 12, 2014 and that the directive had been modified / its validity extended on several earlier dates.
Severity Assessment
This is an RBI Section 35A directions extension for a co-operative bank, which is treated as a broad business restriction with severity 4.
The bank remains subject to the existing RBI restrictions until March 11, 2017 unless modified earlier by RBI. No new operational terms are described in this release, but the ongoing directions continue to constrain the bank’s functioning and remain relevant to customers and counterparties dealing with it.
Published as Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh
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