The Reserve Bank of India (RBI) has extended the directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P) for a period of three (03) months from July 28, 2022 to October 27, 2022, subject to review. The bank has been under direction since January 28, 2022 vide directive order DoS.CO.OCCD/185569/12.28.007/2021-22 dated January 28, 2022 issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS).

The validity of the directive, which was issued up to July 27, 2022 has been extended for a period of three (03) months from July 28, 2022 to October 27, 2022 vide directive order DOR.MON.No.D-21/12.28.007/2022-23 dated July 27, 2022 subject to review. A copy of the directive order dated July 27, 2022 is displayed at the bank’s premises for the perusal of public.

The issue of the above Directions by the RBI should not per se be construed as cancellation of banking license by RBI. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2022-2023/600