Case Brief
The Reserve Bank of India has cancelled the banking licence of Shri Adinath Sahakari Bank Ltd., Pune, Maharashtra. The order precludes the co-operative bank from transacting the business of banking under the Banking Regulation Act, 1949 (as applicable to co-operative societies), and specifically prohibits it from accepting deposits from the public or allowing withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Pune, Maharashtra
- Order Date