RBI cancels licence of The Mira Bhayandar Co-operative Bank Ltd., Bhayandar, (Maharashtra) to carry on banking business
Case Brief
The Reserve Bank of India cancelled the licence granted to The Mira Bhayandar Co-operative Bank Ltd., Bhayandar (Maharashtra), for carrying on banking business in India. The cancellation means the co-operative bank is no longer permitted to transact banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits from the public and permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence granted to The Mira Bhayandar Co-operative Bank Ltd., Bhayandar (Maharashtra), to carry on banking business in India. As a result, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full operational prohibition and is always severity 5.
The bank must stop all banking business activities covered by its licence. Depositors and other customers can no longer use the bank for deposits or withdrawals, and counterparties should treat it as no longer authorised to conduct banking operations.
Published as The Mira Bhayandar Co-operative Bank Ltd.
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