Source: Reserve Bank of India
The Reserve Bank of India had issued directions under Section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies) to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh vide directive dated June 04, 2014. Directions imposed were extended and modified from time to time, last such extension being up to September 11, 2019 vide Directive dated March 05, 2019.
Reserve Bank, on being satisfied that in the public interest it is necessary to do so, in exercise of the powers vested in it under sub-section (2) of section 35A of the Banking Regulation Act, 1949 (as applicable to co-operative societies), hereby withdraws the said Directions so issued (and modified from time to time) to Indian Mercantile Co-operative Bank Ltd., Lucknow, Uttar Pradesh.
A copy of the directive is displayed in the bank’s premises for perusal by interested members of public. The bank will continue to undertake regular banking business hereafter.
Press Release : 2019-2020/669