The Reserve Bank of India has notified that in partial modification of its directive it has, on July 30, 2014, relaxed the directions imposed on Indian Mercantile Co-operative Bank Ltd. Now, depositors will be allowed to withdraw up to ` 1,00,000/- (Rupees One Lakh only) per depositor (including ` 1000/- wherever already allowed) subject to the conditions specified in the modified directive. All other provisions of the earlier directive dated June 4, 2014 shall remain unchanged and shall continue to be valid up to the close of business on December 12, 2014, subject to review. The Directive is issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies).

Ajit Prasad
Assistant General Manager

Press Release : 2014-2015/230