RBI cancels licence of Shree Labh Co-operative Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of Shree Labh Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. The order precludes the bank from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting public deposits and permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Shree Labh Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. As a result, the bank is precluded from transacting the business of banking under 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 operating prohibition and is always severity 5.
The bank must stop banking operations immediately and cannot accept deposits or allow withdrawals. Customers and counterparties are affected because the institution is no longer authorized to conduct banking business.
Published as Shree Labh Co-operative Bank Ltd.
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