Action on Jijamata Mahila Sahakari Bank
Case Brief
RBI cancelled the banking licence of Jijamata Mahila Sahakari Bank Limited, Satara, Maharashtra by order dated June 30, 2016 under Section 22 of the Banking Regulation Act, 1949 read with Section 56. The cancellation precludes the co-operative bank from carrying on the business of banking as defined in the Act, including acceptance and repayment of deposits.
By order dated June 30, 2016, RBI cancelled the licence of Jijamata Mahila Sahakari Bank Limited, Satara, Maharashtra to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56 of the Act. As a result, the bank is forthwith barred from transacting banking business as defined in Section 5(b), including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a severity-5 action because the bank is no longer permitted to carry on banking business at all.
The bank must stop carrying on banking business immediately and cannot accept or repay deposits. This affects customers/depositors and any counterparties relying on the bank’s banking operations.
Published as Jijamata Mahila Sahakari Bank Limited
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