Case Brief
The Reserve Bank of India extended the validity of the existing Directions issued against Banaras Merchantile Co-operative Bank Ltd., Varanasi (U.P) under Section 35A read with Section 56 of the Banking Regulation Act, 1949. The directions, first placed on the bank from the close of business on March 03, 2023 and later extended up to December 03, 2023, were continued from December 03, 2023 to March 03, 2024, subject to review. The release explicitly states that all other terms and conditions of the directions remain unchanged and notes that the extension should not be construed as RBI being satisfied with the bank’s financial position.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Varanasi, Uttar Pradesh