Case Brief
RBI cancelled the licence of Shri Anand Co-operative Bank Ltd., Chinchwad, Pune by order dated July 01, 2022. The bank was found to lack adequate capital and earning prospects and to be non-compliant with several provisions of the Banking Regulation Act, 1949, including Sections 11(1) and 22(3)(a) to (e) read with Section 56. RBI also concluded that the bank’s continuation would prejudice depositors and public interest. Following cancellation, the bank is prohibited from conducting banking business, including acceptance and repayment of deposits, with immediate effect. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has been requested to initiate winding up and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Chinchwad, Pune