Millath Co-operative Bank Ltd

RBI cancelled the licence of Millath Co-operative Bank Ltd., Davangere, Karnataka. The bank must cease banking business immediately and winding-up/liquidation steps are to follow.

The bank can no longer accept deposits, repay deposits, or conduct any other banking business. Depositors' claims move into liquidation/insurance resolution, with DICGC coverage applicable up to the statutory ceiling, and the Registrar is expected to pursue winding up and appointment of a liquidator. The restriction takes effect immediately from close of business on June 18, 2022.

• 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

+2 more in the case brief

RBI extended the All Inclusive Directions on Millath Co-operative Bank Limited, Davangere, Karnataka. The existing restrictions continue unchanged for another two months.

The bank remains subject to the same operational restrictions contained in the existing All Inclusive Directions for the extension period. Customers and counterparties must continue to operate within those limits until July 7, 2022, unless RBI reviews or changes the directive 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 extended the All Inclusive Directions on Millath Co-operative Bank Limited, Davangere, Karnataka, for another three months. The existing terms of the directions remain unchanged.

The bank remains subject to the same RBI-imposed operating restrictions for the extended period through May 07, 2022, unless reviewed earlier. Customers and counterparties continue to face the consequences of the existing directions, and the bank must continue operating within those limits.

• Section 35A of the Banking Regulation Act, 1949
• 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 extended the All Inclusive Directions in force against Millath Co-operative Bank Limited, Davangere, Karnataka. The existing restrictions continue unchanged for another three months.

The bank remains subject to the same RBI-imposed operating restrictions for the extension period. Any depositors, customers, and counterparties are still affected by the continued constraints until February 7, 2022, unless RBI reviews and changes the directive earlier.

• Section 35 A 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 extended the All Inclusive Directions on Millath Co-operative Bank Limited, Davangere, Karnataka. The existing restrictions continue unchanged for another three months.

The bank continues to operate under RBI-imposed restrictions for the extended period. Any operational limits already in place remain effective until November 7, 2021, subject to further review by RBI, affecting the bank and its customers under the existing directive regime.

• 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 extended the existing All Inclusive Directions on Millath Co-operative Bank Limited, Davangere, Karnataka for three more months. The underlying restrictions remain unchanged.

The bank continues to operate under the same RBI-imposed constraints for the extended period, with the restrictions remaining in force until August 7, 2021 unless reviewed earlier. Customers and counterparties remain subject to the operational limitations already embedded in the directions.

• 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 extended the All Inclusive Directions on Millath Co-operative Bank Ltd., Davangere, Karnataka for three more months. The existing restrictions continue unchanged.

The bank remains subject to the same operational restrictions contained in the existing All Inclusive Directions for the extension period ending May 7, 2021. Customers and depositors continue to face the consequences of the ongoing RBI-imposed constraints, while the bank must operate within the unchanged conditions of the directive.

• 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 extended the All Inclusive Directions on Millath Co-operative Bank Ltd., Devangere, Karnataka for another three months. The existing restrictions continue unchanged from November 8, 2020 to February 7, 2021.

The bank remains subject to the same RBI-imposed operating restrictions for the extended period. It must continue complying with the existing directions until February 7, 2021, subject to any further review or modification 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 imposed a ₹10 lakh penalty on Millath Co-operative Bank, Davangere, Karnataka. The bank had violated All-Inclusive Directions by allowing excess withdrawals and sanctioning fresh loans despite restrictions.

The bank must absorb the financial penalty and ensure future compliance with RBI’s operating directions, especially restrictions on withdrawals and fresh lending. The action does not itself state a new operational ban, but it reinforces ongoing supervisory expectations for the bank’s conduct.

• Section 47 A (1) (c) read with Section 46 (4) (i) and Section 56 of the Banking Regulation Act, 1949

RBI extended its All Inclusive Directions on Millath Co-operative Bank Ltd., Devangere, Karnataka. The existing restrictions will continue for another six months, unchanged.

The bank remains subject to the same RBI-imposed operational restrictions for the extended period ending November 7, 2020. Its business and customer-facing operations continue only within the limits of the existing directions, which may affect depositors and other stakeholders until the order is reviewed again.

• 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 extended its Section 35A All-Inclusive Directions on Millath Co-operative Bank Ltd., Davangere for another six months. The bank remains allowed to operate only subject to the same restrictions.

Millath Co-operative Bank Ltd. must continue operating under the same RBI-imposed restrictions for the six-month extension period, subject to review and possible modification. Depositors and counterparties remain affected by the bank’s constrained operations, but the bank is not being shut down or stripped of its licence by this release.

• Section 35 A of the Banking Regulation Act,1949 (As Applicable to Cooperative Societies)

RBI extended restrictive directions on Millath Co-operative Bank Ltd., Davangere, Karnataka. The bank remains operational but under tight controls on lending, liabilities, deposits, payments, and withdrawals.

Customers of Millath Co-operative Bank face strict limits on access to funds, including a ₹1,000 withdrawal cap per account subject to conditions. The bank cannot expand lending, raise fresh deposits, take on new liabilities, or freely dispose of assets without RBI approval, and the restrictions remain in force until RBI modifies them.

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

RBI imposed a ₹15 lakh penalty on Millath Co-operative Bank Limited, Davangere, Karnataka. The bank was found to have breached lending and reporting directives.

The bank must absorb the financial penalty and tighten compliance controls around related-party lending, documentation for loans, and statutory cash-transaction reporting. The order does not indicate a direct operational restriction, but it signals continued regulatory scrutiny of the bank's lending governance and reporting systems.

• Section 47 A read with Section 46 (4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)