Lokseva Sahakari Bank Ltd., Pune

RBI cancelled the licence of Lokseva Sahakari Bank Ltd., Pune, Maharashtra, effective close of business on September 18, 2017. The bank was also moved toward winding up and liquidation.

Lokseva Sahakari Bank Ltd. must stop conducting banking business immediately, including accepting and repaying deposits. The winding-up and liquidation process is triggered, and depositors will be paid through DICGC up to the applicable insurance ceiling of ₹1,00,000 per depositor, subject to usual terms and conditions. The action affects the bank, its depositors, and the liquidating authorities.

• section 11(1) of the Banking Regulation Act, 1949
• section 22(3)(d) read with section 56 of the Banking Regulation Act, 1949
• section 22(3)(a) read with section 56 of the Banking Regulation Act, 1949

+4 more in the case brief

RBI extended the Section 35A directions on Lokseva Sahakari Bank Ltd., Pune, for another four months. The bank remains under the same operating restrictions, with only the permitted modification unchanged.

The bank must continue operating under the same RBI-imposed restrictions through September 19, 2017, subject to review. Customers and counterparties remain affected by the ongoing constraints, and the limited modification does not relax the broader supervisory directions.

• Section 35A of the Banking Regulation Act, 1949

RBI continued Section 35A directions on Lokseva Sahakari Bank Ltd., Pune, with partial modifications. The bank remained subject to restrictions until May 19, 2017, subject to review.

The bank continued to operate under RBI-imposed directions, with only limited permissions added by the January 25, 2017 modification. Deposit adjustments and renewal of specified loan limits were allowed only subject to the stated safeguards, while the overall restriction remained in force until May 19, 2017 subject to review. Depositors and borrowers were affected by the limited operational flexibilities and the continuing supervisory constraints.

• Section 35A of the Banking Regulation Act, 1949

RBI extended the existing directions on Lokseva Sahakari Bank Ltd., Pune, for another six months. The bank remains subject to the same unchanged conditions.

The bank continues to operate under RBI-imposed directions through May 19, 2017, with the existing restrictions and conditions still in force. Customers, depositors, and counterparties remain affected by the ongoing regulatory constraints until RBI reviews or changes the order.

RBI extended the existing directions on Lokseva Sahakari Bank Ltd., Pune, until November 19, 2016. The bank remained subject to withdrawal limits and related conditions.

The bank continues to operate under RBI-imposed withdrawal restrictions through November 19, 2016. Depositors can access only limited amounts per account, and any dues owed to the bank may be set off first against those withdrawals.

RBI extended the existing directions on Lokseva Sahakari Bank Ltd., Pune, until May 19, 2016. The bank remained under the same operating conditions, with no change to the underlying restrictions.

The bank continues to operate under the same RBI-imposed restrictions through May 19, 2016, subject to review. Customers and counterparties remain affected by the ongoing directions and any operational limits contained in the underlying directive.

RBI extended the Section 35A directions on Lokseva Sahakari Bank Ltd., Pune, for another six months. The bank will continue to operate with restrictions.

Lokseva Sahakari Bank must continue operating under RBI-imposed restrictions through November 19, 2015 unless modified earlier. Depositors and other customers remain affected by the curtailed operating conditions, and the RBI may later modify the directions depending on circumstances.

• Section 35A of the Banking Regulation Act, 1949

RBI extended its existing directions on Lokseva Sahakari Bank Ltd., Pune, for another six months. The original terms continue unchanged.

The bank remains subject to the existing RBI operating restrictions for the extended period, with no change to the underlying conditions. Customers and counterparties continue to deal with a bank operating under RBI-imposed constraints until May 19, 2015 or further review.

RBI placed Lokseva Sahakari Bank Ltd., Pune, under restrictive directions effective May 20, 2014. Depositor withdrawals were capped at Rs 1,000 and the bank was barred from several core activities without prior RBI approval.

Depositors could withdraw only up to Rs 1,000 from their accounts, and the bank could not expand lending, raise fresh deposits, or undertake several other core transactions without prior RBI approval. The restrictions remained in force from May 20, 2014, subject to modification by RBI depending on circumstances.

• Section 35A(1) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949