Case Brief
The Reserve Bank of India withdrew the directions it had issued under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) against Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh. The directions had originally been issued on June 04, 2014 and were extended and modified over time, with the last extension running until September 11, 2019. RBI said it was satisfied that withdrawal was necessary in the public interest. As a result, the bank will continue to undertake regular banking business.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh
- Order Date