Case Brief
On 29 December 2008, RBI cancelled the licence of Shri P.K. Anna Patil Janata Sahakari Bank Ltd., District Nandurbar, Maharashtra. The bank was found to have ceased to be solvent, with inspection findings showing a progressively deteriorating financial position and no viable turnaround plan. RBI had previously imposed Section 35A directions restricting its operations, including a cap on deposit withdrawals, but ultimately concluded that revival was not feasible and cancelled the licence in the interest of depositors. The Registrar of Co-operative Societies, Maharashtra was requested to initiate winding up and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Maharashtra