Case Brief
The Reserve Bank of India has further extended the validity of the directions issued to Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh, from October 06, 2016 to April 05, 2017, subject to review. The bank had already been under directions since October 06, 2015 under Section 35A of the Banking Regulation Act, 1949 (AACS), and the latest press release confirms that all other terms and conditions of the directive remain unchanged. This is a continuation of the existing restriction rather than a fresh penalty or new finding of misconduct.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Meerut, Uttar Pradesh
- Order Date