Case Brief
The Reserve Bank of India partially modified its earlier directive on Indian Mercantile Co-operative Bank Ltd., Lucknow, issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The modification allows depositors to withdraw up to 70% of their deposits, subject to a maximum of ₹15 lakh, over and above the earlier ₹1 lakh already permitted, with adjustments first against any borrower/surety liabilities. All other restrictions in the directive remain unchanged and the order continues until the close of business on December 11, 2015, subject to review.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh