Case Brief
RBI cancelled the licence of The Sojitra Co-operative Bank Ltd., Dist. Anand (Gujarat), by order dated January 23, 2017. The release says the cancellation was prompted by unsatisfactory financials and compliance record. It also notes that the bank fulfilled the conditions under Section 36(A)(2) to convert into The Sojitra Co-operative Society Ltd. As a result, it ceased to be a co-operative bank under the Banking Regulation Act provisions cited, and it was prohibited from carrying on banking business in India, including accepting and repaying deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Sojitra, Gujarat
- Order Date