Case Brief
What Happened
The Reserve Bank of India extended the validity of its existing Directions issued to National Mercantile Co-operative Bank Ltd., Lucknow (U.P.) under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The Directions, originally placed on the bank from March 10, 2023, were earlier valid up to June 10, 2024 and are now continued from the close of business on June 10, 2024 to the close of business on September 10, 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.