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The Reserve Bank of India (RBI) has extended the validity of Directions issued under Section 35A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) for National Mercantile Co-operative Bank Ltd., Lucknow (U.P.).
Originally issued on March 9, 2023, the Directions have been periodically extended, with the latest extension now effective from September 10, 2024, to December 10, 2024, as per Directive DOR.MON.No.D-50/12-28-015/2024-25 dated September 4, 2024.
RBI has clarified that all other terms and conditions of the earlier Directions remain unchanged. The extension does not imply satisfaction with the bank’s financial position, and a copy of the Directive is displayed at the bank’s premises for public inspection.
[RBI]