Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Mar 01, 2000
RBI cancels licence of the Urban Industrial Co-operative Bank Ltd., R.K.Bordoloi Path, Dibrugarh (Assam)
The Reserve Bank of India has cancelled the licence of the Urban Industrial Co-operative Bank Ltd., R.K.Boradoloi Path, Dibrugarh (Assam) to carry on banking business in India. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies). Thus, it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order o
The Reserve Bank of India has cancelled the licence of the Urban Industrial Co-operative Bank Ltd., R.K.Boradoloi Path, Dibrugarh (Assam) to carry on banking business in India. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies). Thus, it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order o
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Feb 23, 2000
Reserve Bank gives in-principle approval for setting up of one more Local Area Bank
The Reserve Bank of India has given `in-principle' approval for establishment of one more local area bank, viz., South Gujarat Local Area Bank Ltd., Navasari, Gujarat. The `in-principle' approval has been given subject to the proposed bank complying with certain conditions. It may be recalled that the Reserve Bank had announced a set of guidelines on August 24, 1996 for the entry of local area banks in the private sector. This was done with a view to providing institu
The Reserve Bank of India has given `in-principle' approval for establishment of one more local area bank, viz., South Gujarat Local Area Bank Ltd., Navasari, Gujarat. The `in-principle' approval has been given subject to the proposed bank complying with certain conditions. It may be recalled that the Reserve Bank had announced a set of guidelines on August 24, 1996 for the entry of local area banks in the private sector. This was done with a view to providing institu
Feb 23, 2000
RBI cancels licence of the Farmer's Co-operative Bank of India Ltd.
The Reserve Bank of India has cancelled the licence granted to the Farmer's Co-operative Bank of India Ltd., New Delhi to conduct banking busines. The bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or otherwise.Chhaya Raje ManagerPre
The Reserve Bank of India has cancelled the licence granted to the Farmer's Co-operative Bank of India Ltd., New Delhi to conduct banking busines. The bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or otherwise.Chhaya Raje ManagerPre
Feb 11, 2000
RBI cancels licence of Veraval Ratnakar Co-operative Bank Ltd.
The Reserve Bank of India has cancelled the licence of the Veraval Ratnakar Co-operative Bank Ltd., Veraval, Dist. Junagadh (Gujarat), to carry on banking business in India. The bank is precluded from transacting the business of "banking" as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or othe
The Reserve Bank of India has cancelled the licence of the Veraval Ratnakar Co-operative Bank Ltd., Veraval, Dist. Junagadh (Gujarat), to carry on banking business in India. The bank is precluded from transacting the business of "banking" as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or othe
Feb 01, 2000
RBI cancels licence of the Ahilyadevi Mahila Nagari Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence granted to the Ahilyadevi Mahila Nagari Sahakari Bank Ltd., Kalamnuri, Dist. Parbhani, Maharashtra to conduct banking business. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or
The Reserve Bank of India has cancelled the licence granted to the Ahilyadevi Mahila Nagari Sahakari Bank Ltd., Kalamnuri, Dist. Parbhani, Maharashtra to conduct banking business. The bank is precluded from transacting the business of 'banking' as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or
Jan 20, 2000
M/s. MCC Finance Ltd. - Prohibited from accepting deposits and alienating assets
M/s. MCC Finance Ltd., having its registered office at 21, Arcot Road, 86, Dr.Radhakrishnan Salai, Mylapore, Chennai-600 004 has violated various provisions of the Reserve Bank of India Act, 1934 and the Reserve Bank's directions applicable to it. The Reserve Bank of India has, therefore, prohibited it with effect from January 19, 2000 from accepting public deposits from any person, in any form whether by way of fresh deposits or renewal of the existing deposits or ot
M/s. MCC Finance Ltd., having its registered office at 21, Arcot Road, 86, Dr.Radhakrishnan Salai, Mylapore, Chennai-600 004 has violated various provisions of the Reserve Bank of India Act, 1934 and the Reserve Bank's directions applicable to it. The Reserve Bank of India has, therefore, prohibited it with effect from January 19, 2000 from accepting public deposits from any person, in any form whether by way of fresh deposits or renewal of the existing deposits or ot
Jan 18, 2000
M/s. Manipal Finance Corporation Ltd. Prohibited from accepting deposits
M/s. Manipal Finance Corporation Ltd., having its registered office at 'Manipal House', Manipal 576 119, Udupi District, has violated various provisions of the Reserve Bank of India Act, 1934 and the Reserve Bank's directions applicable to it. The Reserve Bank of India has therefore, prohibited it with effect from January 18, 2000 from accepting public deposits from any person, in any form whether by way of fresh deposits or renewal of the existing deposits or otherwi
M/s. Manipal Finance Corporation Ltd., having its registered office at 'Manipal House', Manipal 576 119, Udupi District, has violated various provisions of the Reserve Bank of India Act, 1934 and the Reserve Bank's directions applicable to it. The Reserve Bank of India has therefore, prohibited it with effect from January 18, 2000 from accepting public deposits from any person, in any form whether by way of fresh deposits or renewal of the existing deposits or otherwi
Jan 14, 2000
RBI refuses licence to The Ichalkaranji Kamar Nagari Sahakari Bank Ltd.
The Reserve Bank of India has rejected the application submitted by The Ichalkaranji Kamgar Nagari Sahakari Bank Ltd., Ichalkaranji, Maharashtra for grant of licence to carry on banking business. Thus, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). Thus, it will not be in order for it among other things to accept deposits from public and allow withdrawal by cheque
The Reserve Bank of India has rejected the application submitted by The Ichalkaranji Kamgar Nagari Sahakari Bank Ltd., Ichalkaranji, Maharashtra for grant of licence to carry on banking business. Thus, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). Thus, it will not be in order for it among other things to accept deposits from public and allow withdrawal by cheque
Jan 08, 2000
M/s. IFB Finance Limited Prohibition from Accepting Public Deposits and Alienation of assets
The Reserve Bank of India, in exercise of powers conferred on it under Section 45MB (1) and (2) of the Reserve Bank of India Act, 1934, has prohibited M/s. IFB Finance Ltd., 8/1, Middleton Row, Calcutta-700 071, from accepting any deposits and alienating any assets held by it with immediate effect. As such, M/s. IFB Finance Ltd., is hereby prohibited from accepting deposits from any person in any form whether by way of renewal or otherwise and is hereby directed not t
The Reserve Bank of India, in exercise of powers conferred on it under Section 45MB (1) and (2) of the Reserve Bank of India Act, 1934, has prohibited M/s. IFB Finance Ltd., 8/1, Middleton Row, Calcutta-700 071, from accepting any deposits and alienating any assets held by it with immediate effect. As such, M/s. IFB Finance Ltd., is hereby prohibited from accepting deposits from any person in any form whether by way of renewal or otherwise and is hereby directed not t
Jan 06, 2000
RBI refuses licence to The Meppayur Urban Co-operative Bank Ltd.
The Reserve Bank of India has rejected the application submitted by The Meppayur Co-operative Urban Bank Ltd., Meppayur, Kerala for issue of licence to carry on banking business. Thus, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawal by cheque, draft, order or
The Reserve Bank of India has rejected the application submitted by The Meppayur Co-operative Urban Bank Ltd., Meppayur, Kerala for issue of licence to carry on banking business. Thus, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawal by cheque, draft, order or
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