Cancellation of Licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd, Rasayani, District Raigad, Maharastra to carry on banking business
Case Brief
The Reserve Bank of India has cancelled the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra, by order dated September 23, 2013. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56 of the Act. Following the cancellation, the bank is barred forthwith from transacting banking business, including the acceptance and repayment of deposits.
The Reserve Bank of India notified that the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra, had been cancelled by order dated September 23, 2013. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56 of the Act. As a result, the bank is precluded from carrying on the business of banking as defined in Section 5(b), including acceptance and repayment of deposits, with immediate effect.
Severity Assessment
Licence cancellation is a severity-5 action because it fully stops the bank from operating as a bank.
The bank must immediately stop all banking operations covered by the Banking Regulation Act, including taking deposits and repaying deposits. Depositors and counterparties are affected because the institution can no longer operate as a bank.
Published as Shri Siddhivinayak Nagri Sahakari Bank Ltd.
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