Case Brief
The Reserve Bank of India cancelled the banking licence of Abhinav Sahakari Bank Ltd., Rahuri, Dist. Ahmednagar, Maharashtra by order dated February 1, 2013 under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). Following the cancellation, the bank was precluded from transacting banking business, including acceptance and repayment of deposits, forthwith.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Rahuri, Maharashtra
- Order Date