Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur

RBI cancelled the licence of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, Ichalkaranji, Kolhapur. The bank must stop banking business with immediate effect.

The bank must cease all banking operations immediately, including accepting and repaying deposits. Depositors become reliant on liquidation and DICGC insurance claims, with claims up to ₹5 lakh per depositor subject to the DICGC Act; RBI noted that 99.85% of depositors are entitled to full repayment from DICGC based on the bank’s data.

• 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 Section 35A directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. until February 12, 2024. The terms of the existing directions remain unchanged.

The bank remains subject to the existing RBI restrictions through February 12, 2024, and must continue operating within those conditions. Depositors and other stakeholders remain affected by the ongoing directions until RBI reviews or changes them.

• 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 the existing Section 35A directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. until November 12, 2023. The terms and conditions of the earlier order remain unchanged.

The bank remains subject to the same operating restrictions until November 12, 2023, unless the RBI reviews or modifies the order earlier. Customers and other stakeholders continue to face the effects of the existing Section 35A restrictions, and the bank must operate within the unchanged regulatory conditions.

• Section 35 A
• 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 the Section 35A directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd., Ichalkaranji, Kolhapur until August 12, 2023. The underlying terms remain unchanged.

The bank remains subject to the same operational conditions imposed under the earlier Section 35A directions until August 12, 2023, unless reviewed again. Customers and depositors continue to be affected by the existing restrictions, which remain in force without change.

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

RBI extended the existing Section 35A directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. till May 12, 2023. The earlier restrictions continue unchanged.

The bank continues to operate under the same RBI-imposed restrictions until May 12, 2023, subject to review. Customers and counterparties remain affected by the ongoing directions, and no relaxation of the existing conditions is implied.

• Section 35 A
• 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 existing Section 35A directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Ltd. till February 12, 2023. The original conditions remain unchanged.

The bank must continue operating under the same RBI-imposed directions until February 12, 2023, subject to further review. The restriction remains in force for the bank and indirectly affects customers and counterparties to the extent the directions limit normal operations.

• 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 imposed restrictive directions on Shankarrao Pujari Nutan Nagari Sahakari Bank Limited under Section 35A read with Section 56. The bank cannot grant fresh loans, accept fresh deposits, or allow withdrawals, subject to limited conditions.

The bank must operate under strict RBI-imposed restrictions and cannot expand credit, raise fresh deposits, or permit depositor withdrawals except as specifically allowed. Depositors face immediate withdrawal limits, while borrowers and counterparties are affected by the bank’s inability to disburse or enter into routine financial commitments without approval. The restrictions continue until the end of the stated six-month period or until modified by RBI.

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