Harihareshwar Sahakari Bank Ltd., Wai, Satara

RBI cancelled the licence of Harihareshwar Sahakari Bank Ltd., Wai, Satara. The bank must cease banking business with immediate effect and winding-up/liquidation proceedings are to follow.

The bank can no longer conduct banking business, including accepting or repaying deposits, with immediate effect. Depositors' claims are to be addressed through liquidation and DICGC insurance coverage up to Rs 5 lakh per depositor, subject to the applicable law and claim process.

• Section 11(1)
• 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 Harihareshwar Sahakari Bank Limited, Wai, Satara. The bank remains under the same restrictions until August 31, 2023, subject to review.

The bank must continue operating under the same RBI-imposed restrictions through August 31, 2023, unless the directive is modified or withdrawn on review. Customers and other stakeholders remain subject to the operational constraints already in force.

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

RBI has extended the existing Section 35A directions on Harihareshwar Sahakari Bank Limited, Wai, Satara. The restrictions continue unchanged until May 31, 2023.

The bank remains subject to the existing RBI operating restrictions through May 31, 2023, unless reviewed earlier. Customers and counterparties must continue to deal with the bank under the same constraints already in force; the release does not restore normal operations.

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

RBI has extended the existing Section 35A directions on Harihareshwar Sahakari Bank Limited, Wai, Satara until February 28, 2023. The original terms remain unchanged.

The bank remains subject to the existing RBI operating restrictions through February 28, 2023, unless reviewed earlier. Customers and counterparties continue to be affected by whatever operational constraints are contained in the underlying directions, which remain in force without modification.

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

RBI placed Harihareshwar Sahakari Bank Limited, Wai, Satara under restrictions under Section 35A read with Section 56 of the Banking Regulation Act. The bank cannot expand liabilities or allow withdrawals beyond the specified conditions.

The bank must operate under RBI-imposed restrictions until the directions are modified, reviewed, or expire. Depositors face withdrawal limits, and the bank cannot freely expand lending, take fresh deposits, borrow, or dispose of assets without prior RBI approval. The restrictions affect customers, counterparties, and the bank's day-to-day liquidity management.

• Section 35 A
• Section 56 of the Banking Regulation Act, 1949
• sub section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies)