Vasantdada Nagari Sahakari Bank Ltd

RBI cancelled the licence of Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra. The bank was also prohibited from conducting banking business and liquidation proceedings were to follow.

With the licence cancelled, the bank cannot conduct banking business or accept/repay deposits. Liquidation proceedings are to begin, and depositors will receive insurance-based repayments under DICGC up to the applicable ceiling, with the bulk of depositors expected to be fully covered. The effective restriction applied from the close of business on January 11, 2021.

• Section 11(1) read with Section 56 of BR Act
• Section 22(1) read with Section 56 of BR Act
• Section 22(3) (a)

+5 more in the case brief

RBI extended its existing Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, for another three months. The bank will continue operating under restrictions.

The bank remains subject to RBI-imposed operational restrictions through December 31, 2020, subject to further review or modification. Customers and counterparties are affected to the extent the bank’s business activities remain constrained, although the bank is not being shut down or have its licence cancelled by this release.

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

RBI extended its existing Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, for two months. The bank remains subject to restrictions on withdrawal and acceptance of deposits.

The bank must continue operating under RBI-imposed restrictions through September 30, 2020, including limits on withdrawals and deposit acceptance. Depositors and other customers remain affected by the operational ceilings until RBI modifies or withdraws the directions.

• Section 35A of the Banking Regulation Act, 1949 (AACS)
• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended its existing Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd, Osmanabad for two more months. The bank remains subject to withdrawal and deposit-acceptance restrictions.

The bank must continue operating under RBI-imposed limits on withdrawals and deposit acceptance through July 31, 2020 unless modified earlier. Depositors are affected by the caps/ceilings, and the bank’s normal business remains constrained until RBI reviews and lifts or modifies the directions.

• Section 35A of the Banking Regulation Act, 1949 (AACS)
• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI extended its existing Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, Maharashtra. The bank remains subject to withdrawal and deposit restrictions until May 31, 2020, subject to review.

The bank must continue operating under RBI-imposed limits on deposits and withdrawals through May 31, 2020, unless modified earlier by RBI. Depositors and other customers remain affected by the ceilings and restrictions, while the bank remains permitted to conduct banking business only within those constraints.

• Section 35 A of the Banking Regulation Act, 1949 (AACS)
• sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 (AACS)

RBI extended its Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad. The bank remains under withdrawal and deposit-acceptance ceilings until March 31, 2020, subject to review.

The bank must continue operating under RBI-imposed constraints on withdrawals and deposit acceptance through March 31, 2020, unless modified earlier. Depositors face capped access to funds and the bank’s normal business remains restricted during the extension period.

• Section 35 A of the Banking Regulation Act, 1949 (AACS)
• sub-section (1) of Section 35 A of the Banking Regulation Act, 1949 (AACS)

RBI extended Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd, Osmanabad, Maharashtra. The bank remains under restrictions on withdrawal and acceptance of deposits until January 31, 2020, subject to review.

The bank must continue operating under RBI-imposed limits on withdrawals and deposit acceptance through January 31, 2020 unless the directions are modified earlier. Customers and depositors remain affected by the caps/restrictions, and the bank’s business continues only in restricted form pending improvement in its financial position.

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

RBI has extended its existing Section 35A directions on Vasantdada Nagari Sahakari Bank, Osmanabad, for another month. The bank remains subject to withdrawal/acceptance restrictions on deposits.

The bank remains constrained by RBI-imposed operating limits through October 13, 2019, including ceilings on deposit withdrawals and acceptance. Depositors and customers continue to face restricted access to funds and services subject to the directions, and the bank must operate within those limits while monitoring any future modification by RBI.

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

RBI extended its Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, for another three months. The bank remains subject to limits on withdrawals and acceptance of deposits.

The bank must continue operating under RBI-imposed constraints through September 13, 2019, including limits on deposit withdrawals and acceptance of deposits. Depositors face restricted access within the ceiling set by RBI, and the bank’s business remains constrained until RBI modifies the directions or the financial position improves.

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

RBI extended Section 35A directions for Vasantdada Nagari Sahakari Bank Ltd., Osmanabad. The bank remains subject to withdrawal and deposit acceptance ceilings until June 13, 2019.

The bank must continue operating under RBI-imposed limits on withdrawals and deposit acceptance through June 13, 2019. Depositors and customers remain affected by the ceilings, while the bank retains permission to conduct banking business only within the restricted framework.

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

RBI extended its Section 35A directions on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad for four more months. The bank remains under restrictions on withdrawal and deposit acceptance.

The bank must continue operating under RBI-imposed ceilings/restrictions on deposit acceptance and withdrawals through March 13, 2019 unless modified earlier. Customers, especially depositors, remain subject to the operational limits during the extension period.

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

RBI has extended its Section 35A directions for Vasantdada Nagari Sahakari Bank Ltd., Osmanabad, by another six months. The bank continues to operate with restrictions on withdrawals and deposit acceptance.

The bank must continue to operate under RBI-imposed restrictions on withdrawals and deposit acceptance through November 13, 2018, unless modified earlier by RBI. Depositors and customers remain affected by the caps and operational limits, while the bank’s normal business flexibility stays constrained.

• sub-section (1) of Section 35A of the Banking Regulation Act, 1949 (AACS)

RBI placed Vasantdada Nagari Sahakari Bank Ltd, Osmanabad under Section 35A directions for six months. The bank can continue operating only with restrictions on withdrawals and deposit acceptance.

The bank remains operational but must comply with RBI-imposed limits on deposit acceptance and withdrawals for the stated six-month period starting from the close of business on November 13, 2017. Depositors face restricted access and transaction limits until RBI modifies the directions or the bank’s financial position improves.

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

RBI imposed a Rs 5 lakh penalty on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad. The penalty was for breaches involving unsecured advances, related-party lending, and IRAC norms.

The bank must absorb the monetary penalty and address compliance weaknesses around unsecured lending, related-party exposure controls, and asset classification/provisioning practices. The action does not by itself impose an operating restriction, but it signals heightened regulatory scrutiny of the bank’s lending and governance controls.

• Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)