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) against Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P.). The bank had originally been placed under Directions on January 28, 2022, and those Directions had already been extended from time to time, last up to July 27, 2024. RBI has now directed that the same Directions will continue to apply from close of business on July 27, 2024 to close of business on October 27, 2024, subject to review, with all other terms and conditions unchanged.