RBI cancels licence of the Pratibha Mahila Sahakari Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of Pratibha Mahila Sahakari Bank Ltd., Jalgaon, Dist. Jalgaon (Maharashtra), by order dated February 25, 2003. The cancellation means the co-operative bank is precluded from transacting banking business under the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), and it cannot accept deposits from the public or permit withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled, by order dated February 25, 2003, the licence granted to Pratibha Mahila Sahakari Bank Ltd., Jalgaon, to carry on banking business. As a result, the bank is precluded from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits and allowing withdrawals.
Severity Assessment
Licence cancellation is a terminal action and is severity 5 regardless of any other details.
The bank must stop carrying on banking business immediately and cannot accept fresh deposits or honor withdrawal instructions. Depositors and counterparties are directly affected because routine banking operations are no longer permitted.
Published as Pratibha Mahila Sahakari Bank Ltd.
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