Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded

Co-operative bankMukhed, Maharashtra

A source-linked record of 2 RBI actions, their timing, severity, and recurring regulatory themes.

At a Glance

Total actions: 2
Total penalties: Rs 0
Latest action: 30 Dec 2016

Enforcement Fingerprint

2 actions across 1 years.

2016

2 actions

PenaltyRestrictionLicence actionLiftedOther

Action Mix

Business restriction1

License cancellation1

Lifecycle Mix

Extension1

Fresh imposition1

Severity Mix

S4 High1

S5 Severe1

Source-linked record

Action History

2 linked actions

2016

Case brief

RBI cancelled the licence of Shri Sai Urban Co-operative Bank Ltd., Mukhed, Dist. Nanded, Maharashtra. The bank was also prohibited from conducting banking business with immediate effect.

Impact

The bank cannot conduct banking business with immediate effect. Liquidation proceedings are to commence, and depositor repayment will be processed under DICGC rules, with insurance coverage up to the statutory ceiling of Rs 1,00,000 per depositor subject to usual terms and conditions.

Why RBI acted

Capital & exposure normsReporting & disclosureCustomer protectionGovernance oversight

Regulatory basis

Section 11(1) of the Banking Regulation (B R) Act, 1949 (AACS)
Section 11 of the B R Act, 1949 (AACS)
Section 22(3) of the B R Act, 1949 (AACS)

+1 more in the case brief

View Case Brief View RBI Release

Case brief

RBI extended its Section 35A directions on Shri Sai Urban Co-operative Bank Ltd. until September 30, 2016. The bank remains allowed to operate only under restrictions.

Impact

The bank must continue operating under RBI-imposed restrictions through September 30, 2016 unless modified earlier by RBI. Depositors and other stakeholders face continued limits associated with the directions, while the bank remains under regulatory review.

Why RBI acted

Capital & exposure normsOther

Regulatory basis

Section 35A(1) of the Banking Regulation Act, 1949 (AACS)

View Case Brief View RBI Release