Cancellation of licence to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act, 1949 – Rupee Co-operative Bank Ltd., Pune
Case Brief
The Reserve Bank of India had earlier cancelled the banking licence of Rupee Co-operative Bank Ltd., Pune on August 8, 2022. Although the High Court of Bombay temporarily stayed the cancellation and the Supreme Court limited that stay until October 31, 2022, the Appellate Authority ultimately dismissed the bank’s appeal on October 31, 2022. Following that dismissal, the Maharashtra co-operative registrar appointed a liquidator to wind up the bank’s affairs.
RBI had cancelled the banking licence of Rupee Co-operative Bank Ltd., Pune by order dated August 8, 2022 under Section 22 read with Section 56 of the Banking Regulation Act, 1949. The High Court had temporarily suspended the cancellation, and the Supreme Court later limited that stay up to October 31, 2022. On October 31, 2022, the Appellate Authority dismissed the bank’s appeal against the cancellation order, and the Registrar/competent authority in Maharashtra appointed a liquidator for winding up the bank’s affairs.
Severity Assessment
Cancellation of a banking licence is a severity-5 action because it fully removes the entity’s ability to operate as a bank.
The bank can no longer carry on banking business in India, and winding-up proceedings will continue under the liquidator appointed by the Maharashtra authorities. Customers, depositors, and counterparties are affected by the closure and liquidation process, subject to the applicable legal and recovery framework.
Published as Rupee Co-operative Bank Ltd, Pune
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Rupee Co-operative Bank Ltd., Pune, Maharashtra
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