Case Brief
What Happened
The Reserve Bank of India extended the validity of the directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh, for a further period of six months from September 12, 2018 to March 11, 2019, subject to review. The bank had been under directions since June 12, 2014 under Section 35A of the Banking Regulation Act, 1949 (AACS), and the release notes that the directive had been modified or extended several times previously. RBI also clarified that the extension should not be construed as an improvement or deterioration in the bank's financial position.