Case Brief
What Happened
The Reserve Bank of India has extended the validity of its existing Directions issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) in respect of Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P.). The Directions, which were previously in force and had already been extended time to time, will now continue from the close of business on April 27, 2024 until the close of business on July 27, 2024, subject to review. The RBI states that all other terms and conditions of the Directions remain unchanged.