Case Brief
The Reserve Bank of India cancelled the licence of Shankarrao Mohite Patil Sahakari Bank Ltd., Akluj through an order dated April 09, 2025. RBI said the bank did not have adequate capital and earning prospects, had not complied with the relevant provisions of the Banking Regulation Act, 1949, and that its continuance would be prejudicial to the interests of depositors and public interest. As a consequence of the cancellation, the bank is prohibited from conducting banking business, including accepting and repaying deposits, with immediate effect. RBI also requested the Registrar of Cooperative Societies, Maharashtra to initiate winding-up and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Akluj, Maharashtra