Case Brief
The Reserve Bank of India extended the validity of its existing directions on Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P) for a further three months, from July 28, 2022 to October 27, 2022. The directions were originally issued on January 28, 2022 under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS). The release states that the directive remains subject to review and clarifies that it should not be treated as a cancellation of the bank’s banking licence.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh
- Order Date