The Karad Janata Sahakari Bank Ltd., Karad

RBI cancelled the licence of The Karad Janata Sahakari Bank Ltd., Karad, Maharashtra, effective close of business on December 7, 2020. The bank was also under All-Inclusive Directions since November 7, 2017.

The bank must stop all banking business immediately, including accepting and repaying deposits. Liquidation proceedings are to follow, and depositors will be paid through DICGC up to the statutory limit of ₹5 lakh per depositor, with RBI noting that more than 99% of depositors are expected to receive full payment from DICGC.

• section 11(1)
• section 22(3)(d) read with section 56 of the Banking Regulation Act, 1949
• section 22(3)(a) read with section 56 of the Banking Regulation Act, 1949

+4 more in the case brief

RBI extended the existing Section 35A directions on The Karad Janata Sahakari Bank Ltd., Karad for another three months. The bank remains under the same restrictions, unchanged, until December 09, 2020.

The bank continues to operate under the existing RBI-imposed conditions for the extended period ending December 09, 2020. Customers and counterparties remain subject to whatever operational limits were already in force under the earlier directions, and the bank must comply with the unchanged terms of the directive.

• sub-section (1) of Section 35 A read with Section 56 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies)

RBI extended the existing Section 35A directions on The Karad Janata Sahakari Bank Ltd., Karad for another three months. The earlier restrictions continue unchanged from June 10, 2020 to September 9, 2020.

The bank remains subject to the same RBI operational restrictions during the extension period, with the prior terms continuing unchanged. Customers and counterparties are affected only to the extent already covered by the standing directions, and the bank must continue complying until September 9, 2020 or until RBI reviews the order.

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

RBI extended its existing Section 35A directions on Karad Janata Sahakari Bank Ltd., Karad for another three months. The earlier restrictions continue unchanged.

The bank remains subject to the same RBI-imposed operating restrictions through June 9, 2020 unless further modified. Customers and counterparties are affected to the extent permitted by the continuing directions, and the bank must continue complying with the unchanged conditions and display the directive at its premises for public perusal.

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

RBI extended its existing Section 35A directions on The Karad Janata Sahakari Bank Ltd., Karad for another six months. The restrictions continue unchanged through March 9, 2020, subject to review.

The bank remains subject to the same RBI-imposed operating restrictions for six more months, subject to further review. Depositors and counterparties continue to face the bank’s constrained operations until the directions expire or are modified.

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

RBI extended the Section 35A directions on Karad Janata Sahakari Bank Ltd., Karad for six more months, from March 10, 2019 to September 9, 2019. The earlier terms remain unchanged.

The bank remains under RBI operational directions through September 9, 2019 and must continue to comply with the unchanged restrictions set out in the original directive. Depositors and customers continue to be affected by the existing operating constraints until the order 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 the existing Section 35A directions on The Karad Janata Sahakari Bank Ltd., Karad for another four months. The original restrictions continue unchanged.

The bank remains subject to the same operational restrictions for the extended period through March 9, 2019. Depositors, customers, and counterparties continue to face the limitations imposed by the existing directions until RBI changes or lifts them.

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

RBI extended the Section 35A directions on Karad Janata Sahakari Bank Ltd., Karad, Maharashtra for another six months.

The bank remains under RBI operating directions for the extension period and must continue to comply with the restrictions already in force. The bank's business is therefore still constrained until November 09, 2018, subject to further review or modification by RBI.

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