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{"id":1911,"date":"2015-10-07T00:00:00","date_gmt":"2015-10-06T18:30:00","guid":{"rendered":""},"modified":"2016-01-02T10:40:12","modified_gmt":"2016-01-02T05:10:12","slug":"rbi-issues-directions-to-mercantile-urban-co-operative-bank-ltd-meerut","status":"publish","type":"post","link":"https:\/\/taxclick.org\/type\/banking\/rbi-issues-directions-to-mercantile-urban-co-operative-bank-ltd-meerut\/","title":{"rendered":"RBI issues Directions to Mercantile Urban Co-operative Bank Ltd. Meerut"},"content":{"rendered":"

The Reserve Bank of India is satisfied that in the interest of the public, it is necessary to issue certain directions to the Mercantile Urban Co-operative Bank Ltd., Meerut. Accordingly, the Reserve Bank of India in exercise of the powers vested in it under sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 hereby directs that the Mercantile Urban Co-operative Bank Ltd., Meerut, from the close of business on October 06, 2015, shall not, without prior approval in writing from the Reserve Bank of India, grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except to the extent and in the manner provided, among others, hereunder:<\/p>\n