RBI cancels Licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra
Case Brief
On August 27, 2014, RBI cancelled the licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra under Section 22 of the Banking Regulation Act, 1949 read with Section 56. The cancellation bars the bank from carrying on banking business as defined under the Act, including acceptance and repayment of deposits.
The Reserve Bank of India cancelled the licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra on August 27, 2014 under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. The order precludes the bank from transacting the business of banking, including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a full operating prohibition and is severity 5 regardless of any fine.
The bank is immediately barred from conducting banking operations. Customers and depositors are affected because the bank can no longer accept deposits or repay them through normal banking business channels.
Published as The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra
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