Case Brief
What Happened
The Reserve Bank of India has further extended the Directive issued to Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The existing directions, originally issued on January 28, 2022 and last extended up to October 27, 2024, now continue from close of business on October 27, 2024 until close of business on January 27, 2025, subject to review. The RBI explicitly states that all other terms and conditions remain unchanged.