Case Brief
What Happened
RBI, by order dated July 11, 2023, cancelled the licence of Harihareshwar Sahakari Bank Ltd., Wai, Satara. The cancellation was based on inadequate capital and earning prospects, non-compliance with Sections 11(1) and 22(3)(a)-(e) read with Section 56 of the Banking Regulation Act, 1949, and RBI's view that the bank's continuance would be prejudicial to depositors and public interest. As a result, the bank ceased to carry on banking business from the close of business on July 11, 2023, and the Commissioner for Co-operation and Registrar of Cooperative Societies, Maharashtra was requested to initiate winding up and appoint a liquidator.