Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra

RBI cancelled the licence of Ajantha Urban Co-operative Bank Maryadit, Aurangabad. The bank must cease banking business, and winding-up proceedings have been requested.

The bank can no longer conduct banking business, including accepting or repaying deposits, effective immediately/from close of business on April 22, 2025. Depositors’ recoveries will proceed through liquidation and DICGC insurance claims, subject to the statutory ceiling of ₹5,00,000 per depositor.

• Section 11(1) of the Banking Regulation Act, 1949
• Section 22(3)(d) read with Section 56 of the Banking Regulation Act, 1949
• Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949

+1 more in the case brief

RBI extended its existing directions on Ajantha Urban Co-operative Bank Maryadit, Aurangabad, by three months. The directive now remains in force until the close of business on May 28, 2025.

The bank remains subject to the existing RBI directions and must continue complying with the unchanged operational conditions until May 28, 2025, unless further modified or withdrawn by RBI. The restriction affects the bank’s day-to-day operations but does not indicate a new penalty or a fresh set of terms in this release.

• Section 35A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949

RBI has extended the existing directions on Ajantha Urban Co-operative Bank Maryadit, Aurangabad, for another three months. The terms of the directive remain unchanged.

The bank remains subject to the same RBI-imposed operating conditions until the close of business on February 28, 2025, subject to review. Depositors, customers, and counterparties must continue to deal with the bank under the existing restrictions, which are not lifted by this release.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra. The directions now run until the close of business on November 29, 2024.

The bank remains subject to the same RBI operating conditions and restrictions already in force through the extended period. The change affects the bank’s operations and, indirectly, its depositors and counterparties, until the close of business on November 29, 2024 unless further modified or lifted by RBI.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Ajantha Urban Co-operative Bank Maryadit, Aurangabad, Maharashtra. The directive will continue unchanged for another three months.

The bank remains subject to the existing RBI restrictions through August 29, 2024, unless revised earlier on review. Customers and counterparties continue to operate under the same conditions imposed by the directive, with no change to the underlying terms.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI has extended its existing directions on Ajantha Urban Co-operative Bank Maryadit, Aurangabad, by three months. The directive now continues until the close of business on May 29, 2024, subject to review.

The bank continues to operate under the same RBI-imposed restrictions for the extended period. Customers and counterparties remain subject to the directive’s existing terms until May 29, 2024, unless RBI reviews or modifies it earlier.

• Section 35A read with Section 56 of the Banking Regulation Act, 1949
• sub-section (1) of Section 35A read with Section 56 of the Banking Regulation Act, 1949

RBI placed Ajantha Urban Co-operative Bank Maryadit, Aurangabad, under Section 35A directions from August 29, 2023. The bank faces tight operating limits, including restrictions on lending, deposits, payments, asset disposal, and depositor withdrawals.

The bank must operate under RBI-imposed restrictions for six months from August 29, 2023 unless modified earlier. Customers face withdrawal limits and constrained access to funds, while the bank cannot freely grow assets, take fresh deposits, lend, or make most payments without prior RBI approval. Eligible depositors may claim deposit insurance up to ₹5 lakh subject to DICGC rules and willingness submission.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 18A of the DICGC Act (amendment) 2021