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The Reserve Bank of India (RBI) has prolonged the instructions issued to the Indian Mercantile Co-operative Bank Ltd., Lucknow (U.P) for a interval of three (03) months from October 28, 2022 to January 27, 2023, topic to overview. The financial institution has been below path since January 28, 2022 vide directive order DOS.CO.OCCD/185569/12.28.007/2021-22 dated January 28, 2022 issued below part 35A learn with part 56 of the Banking Regulation Act, 1949 (AACS). The validity of the directive, which was issued as much as October 27, 2022 has been prolonged for a interval of three (03) months from October 28, 2022 to January 27, 2023 vide directive order DOR.MON.No.D-37/12.28.007/2022-23 dated October 21, 2022 topic to overview. A replica of the directive order dated October 21, 2022 is displayed on the financial institution’s premises for the perusal of public. The subject of the above Directions by the RBI shouldn’t per se be construed as cancellation of banking license by RBI. The Reserve Bank could contemplate modifications of these Directions relying upon circumstances. (Yogesh Dayal) Press Release: 2022-2023/1093 |
