Case Brief
The Reserve Bank of India has extended the validity of the existing Directions issued to National Mercantile Co-operative Bank Ltd., Lucknow (U.P.) under Section 35A read with Section 56 of the Banking Regulation Act, 1949 as applicable to co-operative societies. The bank had originally been placed under Directions from the close of business on March 10, 2023, and the validity had been extended from time to time, last up to September 10, 2024. Under the latest directive dated September 04, 2024, the Directions will continue to apply from the close of business on September 10, 2024 to the close of business on December 10, 2024, subject to review, with all other terms and conditions unchanged.
Action Snapshot
- Primary Impact
- Extension
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh