Case Brief
RBI has cancelled the banking licence of The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat, with effect from the close of business on December 29, 2023. The bank has been notified as a non-banking institution under Section 36A(2) read with Section 56 of the Banking Regulation Act, 1949. This means it must stop carrying on the business of banking, including accepting deposits from non-members, with immediate effect, and it must continue to repay unpaid and unclaimed deposits of non-members whenever demanded.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Botad, Gujarat
- Order Date