Case Brief
What Happened
The Reserve Bank of India extended the existing directions imposed on Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The original directions, first issued on March 02, 2023 and already extended from time to time, will continue to apply from close of business on June 03, 2024 to close of business on September 03, 2024. The release states that all other terms and conditions remain unchanged and that the extension should not be construed as RBI being satisfied with the bank's financial position.