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Shri Siddhivinayak Nagri Sahakari Bank Ltd

Co-operative bankRasayani, Maharastra

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 Sept 2013

Enforcement Fingerprint

2 actions across 1 years.

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

2013

2

Case brief

RBI cancelled the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, effective immediately. The bank can no longer conduct banking business, including accepting or repaying deposits.

Impact

The bank must immediately stop all banking operations covered by the Banking Regulation Act, including taking deposits and repaying deposits. Depositors and counterparties are affected because the institution can no longer operate as a bank.

Why RBI acted

Licensing breach

Regulatory basis

  • Section 22 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)
  • Section 56 of the Banking Regulation Act, 1949
  • Section 5(b) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies)

Restrictions

Deposit Acceptance BanRepayment BanBanking Business Ban
View Case BriefView RBI Release

Case brief

RBI extended the Section 35A directions on Shri Siddhivinayak Nagari Sahakari Bank Ltd., Rasayani for six more months. The existing conditions remain unchanged.

Impact

The bank remains subject to the same RBI operating conditions through September 28, 2013. Customers and counterparties continue to face the restrictions already in place, with no relaxation announced in this release.

Why RBI acted

Other

Regulatory basis

  • Section 35A of the Banking Regulation Act, 1949

Restrictions

Business Restriction
View Case BriefView RBI Release