RBI cancels licence of Lord Balaji Cooperative Bank Ltd., Madhavnagar, Maharashtra
Case Brief
On September 8, 2004, the Reserve Bank of India cancelled the licence of Lord Balaji Cooperative Bank Ltd., Madhavnagar, Dist. Sangli, Maharashtra to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). As a result, the bank is precluded from transacting banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
RBI cancelled the licence of Lord Balaji Cooperative Bank Ltd., Madhavnagar, Dist. Sangli, Maharashtra on September 8, 2004 under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The bank was precluded from carrying on banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a terminal supervisory action and is always severity 5.
The cooperative bank must stop banking operations and cannot accept deposits or permit withdrawals. Customers and depositors are affected because normal banking services are no longer available from the institution.
Published as Lord Balaji Cooperative Bank Ltd.
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