Case Brief
RBI notified a partial modification of its directive on Indian Mercantile Co-operative Bank Ltd., Lucknow dated July 30, 2014. Under the modified terms, depositors are allowed to withdraw up to Rs 1,00,000 per depositor, including Rs 1,000 wherever already allowed, subject to stated conditions. The remaining provisions of the earlier directive dated June 4, 2014 were left unchanged and were to continue up to the close of business on December 12, 2014, subject to review. The directive was issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh