RBI cancels licence of The Kalwa Belapur Sahakari Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of The Kalwa Belapur Sahakari Bank Ltd., Navi Mumbai, Maharashtra, under the Banking Regulation Act, 1949 as applicable to co-operative societies. The cancellation precludes the bank from carrying on the business of banking, including accepting deposits from the public and permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Kalwa Belapur Sahakari Bank Ltd., Navi Mumbai, Maharashtra, to carry on banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is precluded from transacting the business of banking and from accepting deposits from the public or allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a terminal regulatory action and is always severity 5.
The bank must stop banking operations entirely and cannot accept fresh deposits or honour withdrawal requests in the normal course. Customers and counterparties are directly affected because the institution is barred from carrying on banking business.
Published as The Kalwa Belapur Sahakari Bank Ltd.
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