Case Brief
The Reserve Bank of India cancelled the licence of Kokan Prant Sahakari Bank Ltd., Mumbai, Maharashtra, under Section 22 of the Banking Regulation Act, 1949 read with Section 56. This action removes the bank’s authority to conduct banking business. The release states that the bank is precluded from transacting banking business, including acceptance and repayment of deposits, forthwith.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharastra
- Order Date