The Reserve Bank of India issued Directions to the Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala under Section 35 A read with Section 56 of the BR Act (AACS), 1949 vide Directive DCBS.CO.PCC.D-15/12.26.058/2018-19 dated May 29, 2019, from close of business on June 04, 2019 for a period of six months, which were last extended vide the Directive DOR.CO.AID.No.D-42/12.26.058/2019-20 dated December 02, 2019 for a further period of six months up to June 04, 2020.

The Reserve Bank of India has reviewed the financial position of the said bank and considers it necessary in public interest to extend the aforesaid directions. Accordingly, vide Directive DOR.CO.AID.No.D-85/12.26.058/2019-20 dated June 02, 2020, in exercise of powers vested in it under sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949, the Reserve Bank of India hereby directs that the Directive DCBS.CO.PCC.D-15/12.26.058/2018-19 dated May 29, 2019, issued to Kerala Mercantile Co-operative Bank Ltd., Kozhikode, Kerala, the validity of which was last extended up to June 04, 2020 shall continue to apply to the bank for a further period of six months, from June 05, 2020 to December 04, 2020, subject to review. Other terms and conditions of the Directive under reference shall remain unchanged.

(Yogesh Dayal)     
Chief General Manager

Press Release: 2019-2020/2444