Case Brief
What Happened
The Reserve Bank of India extended the validity of the existing directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh. The extension runs from September 12, 2017 to March 11, 2018 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 directive had been modified or extended several times earlier. No new underlying violation or penalty amount is specified in this release.