Kokan Prant Sahakari Bank Ltd

RBI cancelled the licence of Kokan Prant Sahakari Bank Ltd., Mumbai. The bank can no longer carry on banking business, including accepting or repaying deposits.

The bank must stop all banking operations immediately. Customers/depositors are affected because the bank can no longer accept fresh deposits or repay deposits as a banking institution, and the licence cancellation is effective forthwith.

• Section 22 of the Banking Regulation Act, 1949
• Section 56 of Banking Regulation Act, 1949
• Section 5(b) of the Banking Regulation Act, 1949

RBI extended existing Section 35A directions on Kokan Prant Sahakari Bank Ltd., Mumbai, for three more months. The earlier restrictions continued unchanged.

The bank continues to operate under the same RBI-imposed restrictions for the stated extension period, with no change to the original conditions. Customers and other stakeholders remain affected by the ongoing operational limits until November 06, 2013 or further RBI action.

• Section 35A of the Banking Regulation Act, 1949

RBI extended its existing Section 35A directions on Kokan Prant Sahakari Bank Ltd., Mumbai, for six more months. The bank remains under the same restrictions.

Kokan Prant Sahakari Bank Ltd. continues to operate subject to the same RBI-imposed restrictions until August 06, 2013. Depositors, customers, and counterparties remain affected by the existing conditions during the extension period.

• Section 35A of the Banking Regulation Act, 1949

RBI placed The Kokan Prant Sahakari Bank Ltd., Mumbai, under Section 35A directions curbing core banking activities. The bank was allowed only limited withdrawals up to Rs 1,000 per account subject to conditions.

The bank must operate under RBI-imposed restrictions from the stated effective date, with prior written approval required for the prohibited activities. Depositors can only withdraw limited amounts as specified, and the bank cannot expand credit, take fresh deposits, or otherwise freely use its funds/assets until RBI modifies the directions.

• Section 35A of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
• Section 56 of the Banking Regulation Act, 1949