Case Brief
The Reserve Bank of India issued requisitions to the Registrar of Cooperative Societies, Gujarat to wind up four urban cooperative banks: The General Cooperative Bank Ltd. (Ahmedabad), The Janata Commercial Cooperative Bank Ltd. (Dholka), Santram Cooperative Bank Ltd. (Nadiad), and The Bhavnagar Welfare Cooperative Bank Ltd. (Bhavnagar). RBI cited non-compliance with sections 11(1), 22(3)(a) and 22(3)(b) of the Banking Regulation Act, 1949 as applicable to cooperative societies, along with the banks' inability to pay their debts. The Registrar of Cooperative Societies has since appointed liquidators for these banks, and they are no longer to accept public deposits or allow withdrawals.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Ahmedabad, Gujarat