Sri Sharada Mahila Co-operative Bank Ltd., Tumkur, Karnataka

RBI cancelled the licence of Sri Sharada Mahila Co-operative Bank Ltd., Tumkur, Karnataka. The bank must stop banking business immediately and is to be wound up.

The bank is prohibited from conducting any banking business, including accepting and repaying deposits, with immediate effect. Depositors may claim insurance up to ₹5 lakh per depositor from DICGC, subject to the DICGC Act, 1961; RBI noted that most depositors were entitled to full repayment from insurance based on the bank’s submitted data. The bank’s operations are effectively terminated pending liquidation.

• section 11(1)
• 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 existing Section 35A directions on Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka for another three months. The underlying terms remain unchanged and continue to apply.

The bank remains subject to the existing RBI directions for the extension period, meaning its operations continue under the same restrictions and conditions already imposed. The action affects the bank directly and may continue to constrain normal business activities until the directive is reviewed or modified.

• 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 Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka for another three months. The underlying terms of the directive remain unchanged.

The bank remains subject to the same RBI restrictions and operating conditions that were already in force under the July 07, 2022 directive. The extension means the bank must continue complying with those conditions through July 08, 2023 unless RBI reviews or modifies 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 extended its existing directions against Sri Sharada Mahila Co-operative Bank Limited, Tumkur, Karnataka. The order continues for three more months, from January 09, 2023 to April 08, 2023.

The bank remains under the same RBI-imposed operating restrictions for the extension period. Any affected operations must continue to comply with the existing directions until April 08, 2023, unless RBI reviews and changes the order earlier.

• 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 placed Shri Sharada Mahila Co-operative Bank Limited, Tumkur, under restrictions under Section 35A. The bank cannot undertake several activities without prior RBI approval, and depositor withdrawals are capped at ₹7,000.

The bank must operate under RBI-imposed restrictions from July 08, 2022 for six months unless modified earlier. Core business activities such as lending, investment, taking fresh deposits, and many payments require prior RBI approval, and depositors face a withdrawal cap of ₹7,000 across accounts subject to conditions. The bank’s continuation in business is conditional on these restrictions.

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