The Reserve Bank of India has cancelled the licence of Shri Shivaji Sahakari Bank Ltd, Gadhinglaj, Kolhapur, Maharastra to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949. The licence has been cancelled vide the Reserve Bank’s order UBD.CO.BSD I/LC No. 09/12.22.249/2013-14, dated June 12, 2014. As such, the bank is precluded forthwith from transacting the business of 'banking' as defined in Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), including acceptance/repayment of deposits.

Ajit Prasad
Assistant General Manager

Press Release : 2013-2014/2439