Indian Mercantile Cooperative Bank Ltd Lucknow

RBI cancelled the licence of Indian Mercantile Co-operative Bank Ltd., Lucknow. The bank must cease banking business and winding-up/liquidation proceedings are to follow.

The bank can no longer conduct banking business, including accepting or repaying deposits, effective immediately and from close of business on February 13, 2026. Depositors will rely on liquidation and DICGC insurance (up to ₹5 lakh per depositor, subject to law), and the cooperative registrar is expected to move the bank into winding up and liquidation.

• Section 22 read with Section 56 of the Banking Regulation Act, 1949
• Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949
• Sections 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949

+1 more in the case brief

RBI imposed a ₹20 lakh penalty on Indian Mercantile Co-operative Bank Ltd., Lucknow for non-compliance with IRAC norms. The bank failed to classify certain loan accounts as NPAs as required.

The bank must absorb the monetary penalty and address the compliance lapses identified by RBI. The action does not alter customer transactions directly, but it signals heightened regulatory scrutiny over asset classification and provisioning practices, which may affect future supervisory assessments.

• section 47A(1)(c) read with sections 46(4)(i) and 56 of Banking Regulation Act, 1949 (BR Act)

RBI placed Indian Mercantile Cooperative Bank Ltd, Lucknow under Section 35A directions restricting lending, investing, fresh deposits, payments, and asset disposals. Withdrawals from depositor accounts were capped at ₹1 lakh.

The bank must operate under RBI-imposed restrictions until further notification or review, with no new lending, fresh deposits, or unrestricted payouts, and with asset disposal and other transactions curtailed unless permitted. Depositors can withdraw only up to the stated cap across all accounts, while the bank’s management must comply with the conditions set in the direction. The order affects the bank, its customers, and counterparties immediately from the close of business on January 28, 2022.

• Section 35 A read with Section 56 of the Banking Regulation Act (AACS), 1949

RBI has withdrawn the Section 35A directions previously imposed on Indian Mercantile Co-operative Bank Ltd., Lucknow. The bank can continue regular banking business.

Any earlier operating restrictions under the Section 35A directions no longer apply. Indian Mercantile Co-operative Bank Ltd. may continue normal banking operations, with no new forward-looking restriction imposed by this release.

• Section 35A of the Banking Regulation Act, 1949
• sub-section (2) of section 35A of the Banking Regulation Act, 1949

RBI extended the existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for six more months. The order continues the prior regulatory restrictions already in force.

The bank remains subject to RBI’s continuing Section 35A restrictions through September 11, 2019 unless modified earlier by the RBI. The order affects the bank’s operations and informs depositors and other stakeholders that the prior constraints remain in force; no new penalty amount or additional deadline is stated beyond the extension date.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI imposed a ₹20 lakh penalty on Indian Mercantile Co-operative Bank Limited. The penalty was for violating its All Inclusive Directions and failing to comply with fraud classification and reporting guidelines.

Indian Mercantile Co-operative Bank Limited must bear the monetary penalty and address the compliance gaps identified by RBI. The order does not itself add a new operational restriction, but it signals continued supervisory scrutiny over adherence to RBI directions and fraud reporting norms.

• Section 47A(1)(c) read with Section 46(4)(i) and Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for six more months. The order continues the bank's Section 35A restrictions through March 11, 2019.

The existing operational restrictions on the bank remain in force until March 11, 2019, unless RBI modifies them earlier. Depositors and other stakeholders remain subject to the conditions imposed by the Section 35A directions during the extension period.

• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended the existing Section 35A directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for another six months. The order continues the prior restrictions up to September 11, 2018, subject to review.

The bank remains subject to the existing RBI operating directions until September 11, 2018, unless modified earlier by RBI. The continued restriction may affect the bank’s operations and its customers, but the release does not specify the exact caps or conditions in this notice.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended its existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for another six months. The bank remains under Section 35A restrictions through March 11, 2018, subject to review.

The bank continues to operate under RBI-imposed Section 35A restrictions until March 11, 2018 unless modified earlier by RBI. Customers, depositors, and counterparties remain subject to whatever operational limits are contained in the directive, but the press release does not restate those limits here.

• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended the existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for another six months. The modified directive also allows limited loan adjustment against same-borrower deposits, subject to conditions.

The bank continues to operate under RBI-imposed conditions through September 11, 2017 unless further modified or withdrawn. Customers and counterparties are affected only to the extent permitted by the directive, including conditional adjustment of loans against same-borrower deposits.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI modified and extended existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow. The bank remains subject to withdrawal limits and other unchanged restrictions until March 11, 2017, subject to review.

The bank continues to operate under RBI-imposed conditions, including limits on depositor withdrawals and set-off of liabilities against withdrawals where applicable. Depositors can access funds only within the modified cap, while borrowers/sureties with outstanding obligations may see withdrawals adjusted against those dues. The restrictions remain in force until March 11, 2017, unless further reviewed or modified by RBI.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow for six more months. The earlier terms of the directive continue unchanged.

The bank remains subject to the existing RBI restrictions until March 11, 2017 unless modified earlier by RBI. No new operational terms are described in this release, but the ongoing directions continue to constrain the bank’s functioning and remain relevant to customers and counterparties dealing with it.

• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended the existing Section 35A directions on Indian Mercantile Co-operative Bank Ltd., Lucknow until September 11, 2016. The terms remained unchanged.

The bank continues to operate under the existing RBI restrictions until September 11, 2016 unless modified earlier. Any operational limits already imposed by the directions remain in force, affecting the bank and its customers under the terms of the directive.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended its existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow until March 11, 2016. The underlying terms of the order were left unchanged.

The bank continues to operate under the existing RBI restrictions until March 11, 2016 unless the directions are modified earlier. Customers and counterparties remain subject to the operational constraints imposed by the order, but no new additional restriction is described in this release.

• Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI modified its existing restrictions on Indian Mercantile Co-operative Bank Ltd., Lucknow, while continuing the directive in force. Deposit withdrawal limits were relaxed, but the bank remained under Section 35A conditions through December 11, 2015.

The bank continues to operate under RBI-imposed restrictions, so customers remain subject to withdrawal caps and set-off of liabilities against deposits where applicable. The only change is a higher permissible withdrawal amount; the broader directive and other conditions remain binding until the stated expiry date unless further reviewed by RBI.

• Section 35A
• Section 56 of the Banking Regulation Act, 1949

RBI extended its existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow until December 11, 2015. The bank remained subject to broad operational limits and depositor withdrawal caps.

The bank continues to operate under tight RBI controls through December 11, 2015, with no fresh lending, investment, liability creation, or unrestricted use of assets outside the permitted exceptions. Depositors are limited to a one-time withdrawal of up to ₹1,00,000 per account during the directions period, and the restrictions may be modified depending on circumstances.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI extended the operating restrictions on Indian Mercantile Co-operative Bank Ltd., Lucknow until September 11, 2015. The bank remains subject to limits on lending, deposits, payments, and asset disposal, with capped withdrawal rights for depositors.

The bank must continue operating under RBI-imposed restrictions through September 11, 2015, which curtail core banking functions and limit liquidity and deposit mobilisation. Depositors are affected by the withdrawal cap, while the bank remains unable to expand lending, take fresh deposits, or freely deploy assets unless RBI approves otherwise.

• Section 35A(1) of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949

RBI extended the existing Directions on Indian Mercantile Co-operative Bank Ltd., Lucknow until June 11, 2015. The bank continues to operate with restrictions, including limits on withdrawals and a bar on new lending and deposits.

The bank must continue operating under RBI-imposed restrictions through June 11, 2015, with no new lending, fresh deposit acceptance, or unrestricted payments/asset disposals. Depositors remain subject to the withdrawal cap, while the bank may seek modification only if RBI changes the directions.

• Section 35A of the Banking Regulation Act, 1949 read with Section 56 of the Banking Regulation Act, 1949

RBI partially modified its earlier directive on Indian Mercantile Co-operative Bank Ltd., Lucknow. The withdrawal cap was relaxed to Rs 1,00,000 per depositor, but the rest of the restrictions continued.

Depositors may withdraw only within the revised cap and subject to conditions, while all other restrictions from the earlier directive continue to bind the bank until the stated expiry date or further review. The bank remains under operational constraints affecting customer withdrawals.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)

RBI placed Indian Mercantile Co-operative Bank Ltd., Lucknow under Section 35A directions. The bank’s lending, deposit-taking, payments and other core activities were tightly restricted.

The bank must operate under stringent RBI-imposed limits until further notice, with lending, deposit acceptance, payments and asset actions curtailed. Depositors face withdrawal caps, while borrowers/sureties may have amounts adjusted against liabilities.

• Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949