Case Brief
What Happened
The Reserve Bank of India has further extended the period of operation of its existing Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, issued to Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow. The directions, initially issued on January 28, 2022 and last extended up to January 27, 2025, are now extended for three additional months from close of business on January 27, 2025 to close of business on April 27, 2025. The RBI states that the extension is in the public interest and that all other terms and conditions of the directive remain unchanged.