Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka

RBI cancelled the licence of Sri Mallikarjuna Pattana Sahakari Bank Niyamita, Maski, Karnataka. The bank must cease banking business immediately and is headed for winding up and liquidation.

The bank can no longer conduct banking business, including accepting or repaying deposits, with immediate effect. Depositors may claim deposit insurance up to ₹5 lakh subject to DICGC rules, and the bank is expected to be wound up and placed under liquidation.

• 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

+1 more in the case brief

RBI extended its existing directions on Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka for another three months. The underlying terms of the directive remain unchanged.

The bank remains subject to the same RBI-imposed operational constraints for the additional three-month period. The restriction continues to affect the bank's operations until October 18, 2023, unless revised earlier upon review.

• 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 Section 35A directions on Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka. The order continues unchanged for three months, from April 19, 2023 to July 18, 2023.

The bank remains subject to the same RBI operating directions through July 18, 2023, with no change in the restrictions already in force. The order continues to constrain the bank’s operations and remains under review by RBI.

• 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 Sri Mallikarjuna Pattana Sahakari Bank Niyamitha, Maski, Karnataka for three months. The earlier terms remain unchanged.

The bank remains under the same RBI operating conditions for the extended period, with no change to the existing restrictions. The extension continues to affect the bank’s operations until April 18, 2023, subject to further review by RBI.

• Section 35A 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 placed Sri Mallikarjuna Pattana Sahakari Bank Niyamita, Maski under Section 35A directions with strict operating restrictions. The bank faces limits on lending, deposits, payments, asset disposal, and depositor withdrawals.

The bank must operate under RBI-imposed restrictions until the directions expire or are modified. Depositors cannot withdraw amounts from their accounts except as allowed under the directions, and the bank cannot expand lending, take fresh deposits, borrow, invest, or dispose of assets without prior RBI approval. The effective date is the close of business on July 18, 2022, and the order remains in force for six months, subject to review.

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