Case Brief
On December 29, 2023, RBI cancelled the licence of Adarsh Mahila Nagari Sahakari Bank Maryadit, Aurangabad, Maharashtra. The bank consequently ceased to carry on banking business with effect from the close of business on that date, and the Commissioner and Registrar of Cooperative Societies, Maharashtra was requested to initiate winding up and appoint a liquidator. RBI cited 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, as well as risks to depositors and public interest.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Aurangabad, Maharashtra