Case Brief
RBI extended the validity of the directions issued to Indian Mercantile Co-operative Bank Ltd., Lucknow for a further six-month period from March 12, 2019 to September 11, 2019, subject to review. The release states that the bank had been under directions since June 12, 2014 under Section 35A of the Banking Regulation Act, 1949 (AACS), and that the directive had been modified/extended several times earlier. This press release does not allege any new violation; it simply continues the existing regulatory framework imposed on the bank.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh
- Order Date