Shankarrao Mohite Patil Sahakari Bank Ltd

RBI cancelled the licence of Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj. The bank must cease banking business, and liquidation proceedings are to follow.

The bank must stop all banking operations immediately, including accepting deposits and repaying deposits. The Registrar of Cooperative Societies, Maharashtra is expected to move toward winding up the bank and appointing a liquidator. Depositors may instead rely on DICGC insurance, subject to applicable limits and procedures.

• 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 has extended its existing directions on Shankarrao Mohite Patil Sahakari Bank Ltd. for another three months. The terms of the earlier directive remain unchanged.

The bank remains subject to the same RBI operating conditions under the existing directive until May 24, 2025, unless further reviewed or modified. Customers and counterparties are affected only to the extent of the unchanged restrictions in force under the directive.

• Section 35A
• Section 56
• sub-section (1) of Section 35A

RBI has extended its existing directions on Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra for another three months. The terms of the directive remain unchanged.

The bank continues to operate under the existing RBI-imposed conditions for the extended period, with any operational restrictions in the directive still in force. The action affects the bank and, indirectly, its customers and counterparties until close of business on February 24, 2025, unless reviewed 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 has extended its existing Directions on Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra for another three months. The underlying terms remain unchanged.

The bank must continue operating under the same RBI-imposed conditions until November 24, 2024, subject to review. Customers and other counterparties remain affected by the ongoing operational restrictions contained in the directive, though no new terms are introduced in this release.

• 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 has extended the existing directions on Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra. The earlier directive now continues up to August 24, 2024.

The bank must continue complying with the existing RBI directions through close of business on August 24, 2024. The extension preserves whatever operating constraints were already in place, affecting the bank and, indirectly, its customers and counterparties for the duration of the order.

• 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 has extended its existing directions on Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra for another three months. The terms and conditions of the directive remain unchanged.

The bank remains subject to the existing RBI directions until the new end date, with the same operating constraints as before. Customers and counterparties continue to be affected by the restrictions, and the bank must comply with the directive through close of business on May 24, 2024 unless the RBI changes it 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 its existing directions on Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj, Maharashtra for another three months. The directive continues unchanged until close of business on February 24, 2024.

The bank must continue operating under the same RBI directions through close of business on February 24, 2024, subject to review. Customers and counterparties remain affected by the existing operational constraints until the directive is modified or withdrawn.

• 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 its existing Section 35A directions against Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj. The order remains unchanged and continues for three more months.

The bank must continue operating under the same RBI-imposed restrictions until November 24, 2023, unless reviewed earlier. Customers and counterparties remain subject to the operational limits contained in the directive during the extended period.

• 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 placed Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj under Section 35A directions. The bank faces broad operating restrictions, including a ₹5,000 withdrawal cap per depositor account balance.

The bank must operate under tight RBI-imposed restrictions, limiting lending, deposit-taking, payments, and asset transactions. Depositors are directly affected by the withdrawal cap, while the broader restriction constrains ordinary banking operations until RBI reviews or modifies the directions.

• Section 35 A of the Banking Regulation Act, 1949
• Section 56 of the Banking Regulation Act, 1949
• Section 18A of the DICGC Act (amendment) 2021