Case Brief
What Happened
The Reserve Bank of India has extended the validity of its existing Directions on National Mercantile Co-operative Bank Ltd., Lucknow (U.P.), which were originally issued on March 09, 2023 under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS). The directions, previously extended up to March 10, 2024, now continue from close of business on March 10, 2024 to close of business on June 10, 2024, subject to review. The release states that all other terms and conditions remain unchanged and clarifies that the Directions should not per se be construed as cancellation of the banking licence.