Case Brief
On September 8, 2004, the Reserve Bank of India cancelled the licence of Lord Balaji Cooperative Bank Ltd., Madhavnagar, Dist. Sangli, Maharashtra to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). As a result, the bank is precluded from transacting banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Madhavnagar, Maharashtra
- Order Date