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