Case Brief
The Reserve Bank of India cancelled the licence of The Maa Sharda Mahila Nagari Sahakari Bank Ltd., Akola, Maharashtra, to carry on banking business. Under the Banking Regulation Act, 1949 (as applicable to co-operative societies), the bank is now precluded from transacting banking business, 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
- Akola, Maharashtra
- Order Date