Case Brief
The Reserve Bank of India cancelled the licence of Rupee Co-operative Bank Ltd, Pune by order dated August 08, 2022. The cancellation becomes effective after six weeks from the date of the release, and the bank will cease to carry on banking business from September 22, 2022. RBI cited inadequate capital and earning prospects, non-compliance with multiple provisions of the Banking Regulation Act, 1949, prejudice to depositors, inability to pay depositors in full, and adverse public interest implications. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra was requested to initiate winding up and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra