The Reserve Bank of India (RBI) on Friday (June 7) announced an extension of the operational restrictions on the National Mercantile Co-operative Bank Ltd, Lucknow.
"The Reserve Bank of India, issued under section 35A read with section 56 of the Banking Regulation Act, 1949 (AACS), had placed the National Mercantile Co-operative Bank Ltd., Lucknow (U.P) under Directions from the close of business on March 10, 2023," the central bank said.
Also Read: RBI unmoved on rates; gung-ho on growth These restrictions, initially imposed on March 10, 2023, will now remain in effect until the close of business on September 10, 2024. The RBI’s extension of the restrictions, enforced under Section 35A read with Section 56 of the Banking Regulation Act, 1949, aims to ensure the ongoing supervision and stability of the bank's operations.
All previously established terms and conditions of the directive remain unchanged, and the extension is subject to further review, the apex bank added.
