The Reserve Bank of India has extended the Directions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow for a further period of three months from December 12, 2015 to March 11, 2016, subject to review. The bank has been under directions since June 12, 2014 vide directive UBD.CO.BSD-IV/D-41/12.28.007/2013-14 dated June 4, 2014 issued under Section 35A of the Banking Regulation Act, 1949 (AACS).

The aforesaid directive was modified / its validity extended vide the Reserve Bank's directives dated July 30, 2014, December 8, 2014, June 2, 2015, September 7, 2015 and October 19, 2015. The validity of the directive, which was last extended up to December 11, 2015, shall continue to apply to the bank for a further period of three months from December 12, 2015 to March 11, 2016 vide modified directive No. DCBR.CO.AID/D-32/12.28.007/2015-16 dated December 7, 2015, subject to review. The other terms and conditions of the directive under reference shall remain unchanged. A copy of the directive dated December 7, 2015 is displayed at the bank’s premises for the perusal of public.

The modification of the directive by the Reserve Bank should per se not be construed as improvement or deterioration in the financial position of the bank. The Reserve Bank may consider modifications of the directive depending upon circumstances.

Anirudha D. Jadhav
Assistant Manager

Press Release : 2015-2016/1393