Case Brief
RBI, by order dated July 11, 2023, cancelled the licence of Harihareshwar Sahakari Bank Ltd., Wai, Satara. The cancellation was based on inadequate capital and earning prospects, non-compliance with Sections 11(1) and 22(3)(a)-(e) read with Section 56 of the Banking Regulation Act, 1949, and RBI's view that the bank's continuance would be prejudicial to depositors and public interest. As a result, the bank ceased to carry on banking business from the close of business on July 11, 2023, and the Commissioner for Co-operation 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
- Wai, Satara