The Reserve Bank of India has notified that the licence of Shri Siddhivinayak Nagri Sahakari Bank Ltd., Rasayani, District Raigad, Maharastra has been cancelled vide order dated September 23, 2013 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 the Banking Regulation Act, 1949. As such, the bank is precluded 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, forthwith.

Sucheta Vazkar
Manager

Press Release : 2013-2014/687