RBI cancels Licence of Sai Nagari Sahakari Bank Limited, Hadgaon
Case Brief
The Reserve Bank of India cancelled the licence issued to Sai Nagari Sahakari Bank Limited, Hadgaon. The action was taken consequent upon the bank’s merger with Shankar Nagari Sahakari Bank Limited, Nanded, and was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to cooperative societies).
The Reserve Bank of India cancelled the licence issued to Sai Nagari Sahakari Bank Limited, Hadgaon because it had merged with Shankar Nagari Sahakari Bank Limited, Nanded. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to cooperative societies).
Severity Assessment
Cancellation of a banking licence is a severity-5 action regardless of any underlying reason or merger context.
Sai Nagari Sahakari Bank Limited, Hadgaon can no longer operate as a licensed bank under the cancelled licence. The cancellation takes effect from August 26, 2016, following the merger, and affects the bank’s ability to continue banking business independently.
Published as Sai Nagari Sahakari Bank Limited, Hadgaon
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