Case Brief
What Happened
The Reserve Bank of India has continued the existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) for Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P.). The earlier Directions, initially issued on January 28, 2022 and extended from time to time, were valid up to October 27, 2023; this release extends them further from the close of business on October 27, 2023 to the close of business on January 27, 2024. The RBI states that all other terms and conditions remain unchanged and that the Directions may be modified depending on circumstances.