Case Brief
The Reserve Bank of India extended the validity of its existing Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (AACS) against Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P). The original Directions had taken effect from the close of business on March 03, 2023 and were valid up to September 03, 2023. The new directive dated August 28, 2023 continues those Directions until December 03, 2023, subject to review, with all other terms and conditions unchanged. RBI also clarified that the issuance of these Directions should not be construed as cancellation of the bank’s licence.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Varanasi, U.P