Case Brief
The Reserve Bank of India cancelled the licence of Shree Labh Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. The order precludes the bank from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting public deposits and permitting withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date