Case Brief
The Reserve Bank of India cancelled the licence of Shivalik Mercantile Co-operative Bank Ltd. because it transitioned to a Small Finance Bank under RBI’s voluntary transition scheme for urban co-operative banks. The release notes that the institution ceased to be a co-operative bank under the Banking Regulation Act, 1949, and that the provisions applicable to the co-operative bank no longer apply. Separately, Shivalik Small Finance Bank Ltd. was granted a fresh licence dated January 1, 2021 to carry on small finance banking business in India.
Action Snapshot
- Primary Impact
- Lifted
- Entity Type
- Co-operative bank
- Action Type
- Action lifted