RBI cancels licence of The Partur Peoples' Co-operative Bank Ltd., Partur, Dist.Jalna, Maharashtra
Case Brief
The Reserve Bank of India has cancelled the banking licence of The Partur Peoples' Co-operative Bank Ltd., Partur, Dist. Jalna, Maharashtra, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The order prevents the bank from transacting banking business and specifically bars it from accepting public deposits or allowing withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Partur Peoples' Co-operative Bank Ltd., Partur, Dist. Jalna, Maharashtra, 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 and is not permitted to accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity 5 action, and the release explicitly states the bank cannot carry on banking business.
The co-operative bank must stop carrying on banking business, including accepting deposits and honouring withdrawals in the normal course. Depositors and other counterparties are affected because the institution can no longer operate as a bank.
Published as The Partur Peoples' Co-operative Bank Ltd.
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