Case Brief
What Happened
The Reserve Bank of India has extended the validity of the directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P) under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The earlier directions, already in force since January 28, 2022, were valid up to April 27, 2023 and have now been extended for three more months, from April 28, 2023 to July 27, 2023, subject to review. RBI also stated that the directions should not be construed as cancellation of the bank's banking licence and that modifications may be considered depending on circumstances.