RBI cancels licence of The Maa Sharda Mahila Nagari Sahakari Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of The Maa Sharda Mahila Nagari Sahakari Bank Ltd., Akola, Maharashtra, to carry on banking business. Under the Banking Regulation Act, 1949 (as applicable to co-operative societies), the bank is now precluded from transacting banking business, including accepting public deposits and permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Maa Sharda Mahila Nagari Sahakari Bank Ltd., Akola, Maharashtra, 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 cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a terminal supervisory action, which the rubric assigns severity 5.
The bank must stop carrying on banking business. Depositors can no longer place new deposits or withdraw funds through ordinary banking instruments, and the institution cannot operate as a bank going forward.
Published as The Maa Sharda Mahila Nagari Sahakari Bank Ltd.
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