Case Brief
The Reserve Bank of India has cancelled the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra, by order dated September 23, 2013. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56 of the Act. Following the cancellation, the bank is barred forthwith from transacting banking business, including the acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Rasayani, Maharastra
- Order Date