Cancellation of licence of Kokan Prant Sahakari Bank Ltd, Mumbai, Maharastra To carry on banking business
Case Brief
The Reserve Bank of India cancelled the licence of Kokan Prant Sahakari Bank Ltd., Mumbai, Maharashtra, under Section 22 of the Banking Regulation Act, 1949 read with Section 56. This action removes the bank’s authority to conduct banking business. The release states that the bank is precluded from transacting banking business, including acceptance and repayment of deposits, forthwith.
The Reserve Bank of India cancelled the licence of Kokan Prant Sahakari Bank Ltd., Mumbai, Maharashtra, to carry on banking business 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 transacting banking business, including acceptance and repayment of deposits, with immediate effect.
Severity Assessment
Licence cancellation is a full operating prohibition and is always severity 5.
The bank must stop all banking operations immediately. Customers/depositors are affected because the bank can no longer accept fresh deposits or repay deposits as a banking institution, and the licence cancellation is effective forthwith.
Published as Kokan Prant Sahakari Bank Ltd
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