Mantha Urban Co-operative Bank Limited

RBI cancelled the licence of Mantha Urban Cooperative Bank Ltd., Mantha, Jalna, Maharashtra. The bank must cease banking business immediately.

The bank can no longer conduct banking operations or accept/repay deposits. A winding-up process is expected, and depositors must rely on deposit insurance protection, subject to DICGC rules and limits, for recovery of eligible amounts.

• 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 its existing directions on Mantha Urban Co-operative Bank Limited for another two months. The bank remains subject to restrictions on withdrawals and deposit acceptance.

Mantha Urban Co-operative Bank Limited must continue operating under RBI-imposed limits on withdrawals and deposit acceptance through February 16, 2022 unless modified earlier. Depositors face restricted access subject to the ceiling, and the bank remains under supervisory review.

• Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (AACS)

RBI has extended its existing Section 35A directions on Mantha Urban Co-operative Bank Limited for two more months. The bank remains subject to restrictions on withdrawals and deposit acceptance.

The bank must continue to comply with RBI-imposed limits on deposit withdrawals and deposit acceptance through December 16, 2021, unless modified earlier by RBI. Depositors remain affected by the withdrawal/acceptance ceilings, and the bank’s normal operations continue only subject to these restrictions.

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

RBI extended the Section 35A directions on Mantha Urban Co-operative Bank Limited for another two months. The bank remains subject to restrictions on withdrawals and deposit acceptance.

Mantha Urban Co-operative Bank Limited must continue operating under RBI-imposed limits through October 16, 2021, including ceilings on withdrawals and acceptance of deposits. Depositors remain affected by the operational restrictions, and any relaxation depends on RBI review and the bank’s improved financial position.

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

RBI extended the existing restrictions on Mantha Urban Co-operative Bank Limited, Jalna, for another three months. The bank remains allowed to conduct business, but only subject to deposit and withdrawal ceilings.

Mantha Urban Co-operative Bank Limited must continue operating under RBI-imposed restrictions through August 16, 2021 unless the Directions are modified earlier. Depositors face limits on withdrawals and deposit acceptance, and the bank’s business remains constrained while RBI reviews its financial position.

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

RBI placed Mantha Urban Cooperative Bank under Section 35A restrictions effective November 17, 2020. The bank’s lending, investment, liability-taking, fresh deposit acceptance, payments, and asset disposal were restricted, and depositor withdrawals were subject to conditions.

The bank must operate under RBI-imposed restrictions for the stated period, with no fresh lending, investments, liability creation, or unrestricted deposit acceptance, and depositor withdrawals constrained by the directions. Customers face limited access to funds and services until RBI modifies or withdraws the directions, and the bank’s management must comply with the conditions and any future RBI review.

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