RBI cancels Licence of Shri Shivaji Sahakari Bank Ltd, Gadhinglaj, Kolhapur, Maharastra
Case Brief
The Reserve Bank of India cancelled the banking licence of Shri Shivaji Sahakari Bank Ltd, Gadhinglaj, Kolhapur, Maharastra under Section 22 of the Banking Regulation Act, 1949 read with Section 56. As a result, the bank cannot carry on the business of banking anymore, including acceptance and repayment of deposits, effective forthwith from the date of the order.
The Reserve Bank of India cancelled the licence of Shri Shivaji Sahakari Bank Ltd, Gadhinglaj, Kolhapur, Maharastra 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. The order, dated June 12, 2014, precludes the bank forthwith from transacting the business of banking, including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a complete prohibition on operating as a bank and is severity 5 regardless of any other details.
The bank must immediately stop all banking operations, including accepting or repaying deposits. Depositors and counterparties are affected because the institution can no longer conduct banking business.
Published as Shri Shivaji Sahakari Bank Ltd, Gadhinglaj, Kolhapur, Maharastra
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