Case Brief
What Happened
The Reserve Bank of India has extended the validity of the existing Directions applicable to Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P.), originally placed under directions from the close of business on January 28, 2022. The latest extension keeps those Directions in force until October 27, 2023, under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The press release states that all other terms and conditions remain unchanged and that the directions are subject to review.