Reserve Bank Cancels the Licence of Abhinav Sahakari Bank Ltd., Rahuri Dist. Ahmednagar, Maharashtra for carrying on banking business
Case Brief
The Reserve Bank of India cancelled the banking licence of Abhinav Sahakari Bank Ltd., Rahuri, Dist. Ahmednagar, Maharashtra by order dated February 1, 2013 under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). Following the cancellation, the bank was precluded from transacting banking business, including acceptance and repayment of deposits, forthwith.
By order dated February 1, 2013, the Reserve Bank of India cancelled the licence of Abhinav Sahakari Bank Ltd., Rahuri, Dist. Ahmednagar, Maharashtra under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank was precluded from transacting the business of banking, including acceptance and repayment of deposits, with immediate effect.
Severity Assessment
Licence cancellation is a complete operating prohibition and is rated severity 5.
The bank cannot carry on banking operations anymore, and customers are immediately affected because the institution is barred from accepting or repaying deposits. The restriction is effective forthwith.
Published as Abhinav Sahakari Bank Ltd., Rahuri, Dist. Ahmednagar, Maharashtra
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