Case Brief
What Happened
The Reserve Bank of India has extended the period of its existing Directions on Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P). The bank had originally been placed under Directions from March 03, 2023, and the validity had already been extended up to March 03, 2024. Under the new directive dated February 26, 2024, the same Directions will continue to apply from the close of business on March 03, 2024 to the close of business on June 03, 2024, subject to review. RBI also states that all other terms and conditions of the directive remain unchanged and that the extension should not be construed as satisfaction with the bank's financial position.