Press Releases - Regulating Co-operative Banking - RBI - Reserve Bank of India
Press Releases
Aug 10, 2002
RBI cancels licence of The Megacity Co-operative Urban Bank Ltd.
The Reserve Bank of India has cancelled the licence of The Megacity Co-operative Urban Bank Ltd., Hyderabad, Andhra Pradesh 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 or otherwise.P
The Reserve Bank of India has cancelled the licence of The Megacity Co-operative Urban Bank Ltd., Hyderabad, Andhra Pradesh 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 or otherwise.P
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Aug 07, 2002
RBI cancels licence of Shree Labh Co-operative Bank Ltd.
The Reserve Bank of India has cancelled the licence of Shree Labh Co-operative Bank Ltd., Mumbai, Maharashtra 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 or otherwise.P V Sadanandan M
The Reserve Bank of India has cancelled the licence of Shree Labh Co-operative Bank Ltd., Mumbai, Maharashtra 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 or otherwise.P V Sadanandan M
Jul 11, 2002
RBI cancels licence of The Praja Co-operative Urban Bank Ltd.
The Reserve Bank of India has cancelled the licence granted to The Praja Co-operative Urban Bank Ltd., Secunderabad, Ranga Reddy Dist. (Andhra Pradesh) to carry on 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 public and allow withdrawals by cheque, draft, order or
The Reserve Bank of India has cancelled the licence granted to The Praja Co-operative Urban Bank Ltd., Secunderabad, Ranga Reddy Dist. (Andhra Pradesh) to carry on 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 public and allow withdrawals by cheque, draft, order or
Jul 08, 2002
RBI rejects licence application of Rajampet Co-operative Town Bank Ltd.
The Reserve Bank of India has rejected the licence application of the Rajampet Co-operative Town Bank Ltd., Rajampet (Andhra Pradesh) to carry on 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 public and allow withdrawals by cheque, draft, order or otherwise.Ajit Pra
The Reserve Bank of India has rejected the licence application of the Rajampet Co-operative Town Bank Ltd., Rajampet (Andhra Pradesh) to carry on 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 public and allow withdrawals by cheque, draft, order or otherwise.Ajit Pra
Jun 29, 2002
RBI cancels licence of Shri Adinath Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence to granted Shri Adinath Sahakari Bank Ltd., Pune (Maharashtra) to carry on 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 public and allow withdrawals by cheque, draft, order or otherwise.P.V. Sadanandan ManagerPres
The Reserve Bank of India has cancelled the licence to granted Shri Adinath Sahakari Bank Ltd., Pune (Maharashtra) to carry on 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 public and allow withdrawals by cheque, draft, order or otherwise.P.V. Sadanandan ManagerPres
Jun 12, 2002
RBI reject licence application to the Janata Sahakari Bank Maryadit
The Reserve Bank of India has rejected the licence application of the Janata Sahakari Bank Maryadit, Dewas, Madhya Pradesh 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) with effect from March 16, 2002 and it will not be in order for it, among other things, to accept deposits from public and allow withdrawal by cheque, draft,
The Reserve Bank of India has rejected the licence application of the Janata Sahakari Bank Maryadit, Dewas, Madhya Pradesh 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) with effect from March 16, 2002 and it will not be in order for it, among other things, to accept deposits from public and allow withdrawal by cheque, draft,
May 20, 2002
All RBI regulated Entities to hold G-Secs in Demat Form
The Reserve Bank of India, has been, over a period of time, encouraging holding of government securities in dematerialised form. At present 99% of the trading in government securities takes place through SGL accounts with RBI for which the Delivery versus Payment (DVP) system ensures simultaneous transfer of securities against funds. In the light of recent fraudulent transactions in the guise of Government securities transactions in physical format by a few co-operati
The Reserve Bank of India, has been, over a period of time, encouraging holding of government securities in dematerialised form. At present 99% of the trading in government securities takes place through SGL accounts with RBI for which the Delivery versus Payment (DVP) system ensures simultaneous transfer of securities against funds. In the light of recent fraudulent transactions in the guise of Government securities transactions in physical format by a few co-operati
May 04, 2002
RBI Instructions to Cooperative Banks for G-Sec Transactions
In response to press queries, following a report in a section of the press, the Reserve Bank of India encloses its circular dated April 20, 2002 issued to cooperative banks reiterating its existing guidelines for transactions in Government securities. The full text of the circular is also available on the RBI website www.rbi.org.in Alpana Killawala General ManagerPress Release No. 2001-2002/1223
In response to press queries, following a report in a section of the press, the Reserve Bank of India encloses its circular dated April 20, 2002 issued to cooperative banks reiterating its existing guidelines for transactions in Government securities. The full text of the circular is also available on the RBI website www.rbi.org.in Alpana Killawala General ManagerPress Release No. 2001-2002/1223
Apr 20, 2002
Moratorium on The Benaras State Bank Ltd. extended
The Central Government on the recommendation of the Reserve Bank of India and in partial modification of the Government's earlier Notification dated January 22, 2002 extended the period of moratorium in respect of The Benaras State Bank Ltd., for a further period up to and inclusive of July 21, 2002. The notification has been issued on April 19, 2002. Ajit PrasadManagerPress Release : 2001-02/1174
The Central Government on the recommendation of the Reserve Bank of India and in partial modification of the Government's earlier Notification dated January 22, 2002 extended the period of moratorium in respect of The Benaras State Bank Ltd., for a further period up to and inclusive of July 21, 2002. The notification has been issued on April 19, 2002. Ajit PrasadManagerPress Release : 2001-02/1174
Mar 07, 2002
Minimum Lending Rate of Co-operative Banks reduced to 12%
The Reserve Bank of India has decided to reduce the minimum lending rate of urban co-operative banks (UCBs) by one per cent - from 13 per cent to 12 per cent. The reduced rate has come into effect from March 2, 2002. Urban cooperative banks may, therefore, determine their lending rates subject to a minimum lending rate of 12 per cent per annum. The decision was taken in the wake of representations received from urban co-operative banks and their federations which had
The Reserve Bank of India has decided to reduce the minimum lending rate of urban co-operative banks (UCBs) by one per cent - from 13 per cent to 12 per cent. The reduced rate has come into effect from March 2, 2002. Urban cooperative banks may, therefore, determine their lending rates subject to a minimum lending rate of 12 per cent per annum. The decision was taken in the wake of representations received from urban co-operative banks and their federations which had
Feb 20, 2002
RBI rejects licence application of Danesh Motor Finance Company Ltd.
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has cancelled on February 20, 2002 the certificate of Registration granted to Danesh Motor Finance Company Ltd., having its registered office at 1-F (FF), Vandana Building, 11-Tolstoy Marg, New Delhi-110 049. As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45
The Reserve Bank of India, in exercise of the powers conferred on it under Section 45 IA of the Reserve Bank of India Act, 1934, has cancelled on February 20, 2002 the certificate of Registration granted to Danesh Motor Finance Company Ltd., having its registered office at 1-F (FF), Vandana Building, 11-Tolstoy Marg, New Delhi-110 049. As such, the above company cannot transact the business of a non-banking financial institution as defined in Clause (a) of Section 45
Feb 14, 2002
RBI rejects licence application of Chapra District Central Co-operative Bank Ltd.
The Reserve Bank of India has rejected the licence application of the Chapra District Central Co-operative Bank Ltd., Bihar to carry on 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 public and allow withdrawal by cheques, draft, order or otherwise.Ajit Prasad Manage
The Reserve Bank of India has rejected the licence application of the Chapra District Central Co-operative Bank Ltd., Bihar to carry on 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 public and allow withdrawal by cheques, draft, order or otherwise.Ajit Prasad Manage
Feb 11, 2002
RBI rejects licence application of The Aryan Co-operative Urban Bank Ltd.
The Reserve Bank of India has rejected the licence application of The Aryan Co-operative Urban Bank Ltd., Hyderabad, (Andhra Pradesh) to carry on banking business in India. The bank is precluded from transacting the business of `banking' as defined under Section 22 of 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 withdrawals by cheque, draft, o
The Reserve Bank of India has rejected the licence application of The Aryan Co-operative Urban Bank Ltd., Hyderabad, (Andhra Pradesh) to carry on banking business in India. The bank is precluded from transacting the business of `banking' as defined under Section 22 of 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 withdrawals by cheque, draft, o
Jan 17, 2002
Cancellation of Licence of Vinayak Local Area Bank Ltd., Sikar (Rajasthan)
The Reserve Bank of India in exercise of the powers vested in it under sub-section (4) of Section 22 of the Banking Regulation Act, 1949, has cancelled the licence issued to Vinayak Local Area Bank Ltd., Sikar (Rajasthan) to carry on banking business in the districts of Jhunjhunu, Sikar and Churu in the State of Rajasthan. Having been satisfied that the banks affairs are being conducted in a manner detrimental to the interest of the depositors and the general characte
The Reserve Bank of India in exercise of the powers vested in it under sub-section (4) of Section 22 of the Banking Regulation Act, 1949, has cancelled the licence issued to Vinayak Local Area Bank Ltd., Sikar (Rajasthan) to carry on banking business in the districts of Jhunjhunu, Sikar and Churu in the State of Rajasthan. Having been satisfied that the banks affairs are being conducted in a manner detrimental to the interest of the depositors and the general characte
Dec 21, 2001
Licence of Urban Co-operative Bank Ltd. Allahabad, Uttar Pradesh cancelled
The Reserve Bank of India has cancelled the licence of The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh 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 public and allow withdrawal by cheque, draft, order or otherwise.P.V. Sadanandan Asst
The Reserve Bank of India has cancelled the licence of The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh 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 public and allow withdrawal by cheque, draft, order or otherwise.P.V. Sadanandan Asst
Oct 31, 2001
Western Co-operative Bank Ltd., Mumbai Licence Cancelled
The Reserve Bank of India has cancelled the licence of the Western Co-operative Bank Ltd., Mumbai, Maharashtra to carry on banking business in India. The bank is, therefore, 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 or otherwise.P.V
The Reserve Bank of India has cancelled the licence of the Western Co-operative Bank Ltd., Mumbai, Maharashtra to carry on banking business in India. The bank is, therefore, 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 or otherwise.P.V
Oct 13, 2001
RBI increases withdrawal limits for depositors of Benares State Bank Limited
The Reserve Bank of India has today partially modified its directive on Benares State Bank Limited. The modified directive now permits depositors to withdraw up to Rs. 2500 from savings bank or current account or any other deposit account. Depositors who have already withdrawn Rs. 1000 under the earlier directive will now be permitted to withdraw an additional Rs. 1500. It may be recalled that the Reserve Bank had, on September 25, 2001, issued a directive under Secti
The Reserve Bank of India has today partially modified its directive on Benares State Bank Limited. The modified directive now permits depositors to withdraw up to Rs. 2500 from savings bank or current account or any other deposit account. Depositors who have already withdrawn Rs. 1000 under the earlier directive will now be permitted to withdraw an additional Rs. 1500. It may be recalled that the Reserve Bank had, on September 25, 2001, issued a directive under Secti
Oct 05, 2001
RBI cancels licence of Sitara Co-operative Urban Bank Ltd.
The Reserve Bank of India has cancelled the licence of Sitara Co-operative Urban Bank Ltd., Baghlingampally, Hyderabad (Andhra Pradesh) to carry on 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 otherwise.N. L
The Reserve Bank of India has cancelled the licence of Sitara Co-operative Urban Bank Ltd., Baghlingampally, Hyderabad (Andhra Pradesh) to carry on 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 otherwise.N. L
Oct 03, 2001
RBI rejects licence application of The Daltonganj Central Co-operative Bank Ltd.
The Reserve Bank of India has rejected the licence application of The Daltonganj Central Co-operative Bank Ltd., Daltonganj (Jharkhand) to carry on 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 otherwise.P.
The Reserve Bank of India has rejected the licence application of The Daltonganj Central Co-operative Bank Ltd., Daltonganj (Jharkhand) to carry on 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 otherwise.P.
Aug 01, 2001
RBI cancels licence of The Friends' Co-operative Bank Ltd.
The Reserve Bank of India has cancelled the licence of The Friends' Co-operative Bank Ltd., Mumbai, Maharashtra 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 public and allow withdrawal by cheque, draft, order or otherwise.P.V. Sadanandan Asst.
The Reserve Bank of India has cancelled the licence of The Friends' Co-operative Bank Ltd., Mumbai, Maharashtra 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 public and allow withdrawal by cheque, draft, order or otherwise.P.V. Sadanandan Asst.
Apr 04, 2001
Liquidity Facilities to Co-operative Banks
In the wake of the recent events that have affected a few urban co-operative banks in Gujarat, it had been reported that some co-operative banks may face liquidity problems in their day-to-day operations. To obviate any such difficulty, the Reserve Bank had already advised all concerned that these banks may approach public sector banks and also primary dealers for repos facilities against eligible government securities held by them. In case the co-operative banks are
In the wake of the recent events that have affected a few urban co-operative banks in Gujarat, it had been reported that some co-operative banks may face liquidity problems in their day-to-day operations. To obviate any such difficulty, the Reserve Bank had already advised all concerned that these banks may approach public sector banks and also primary dealers for repos facilities against eligible government securities held by them. In case the co-operative banks are
Mar 29, 2001
All Primary Urban Cooperative Banks will close their Annual Accounts on April 1 , 2001
The Reserve Bank of India has advised all primary cooperative banks that they should close their annual accounts for the year ending March 31, 2001 on April 1, 2001. As such, primary urban cooperative banks will function normally on April 3, 2001 in those states where April 2, 2001 has been declared a holiday under the Negotiable Instrument Act,1881 on account of Ram Navami. In other states, the normal working day for these banks will be April 2, 2001. In other words,
The Reserve Bank of India has advised all primary cooperative banks that they should close their annual accounts for the year ending March 31, 2001 on April 1, 2001. As such, primary urban cooperative banks will function normally on April 3, 2001 in those states where April 2, 2001 has been declared a holiday under the Negotiable Instrument Act,1881 on account of Ram Navami. In other states, the normal working day for these banks will be April 2, 2001. In other words,
Mar 23, 2001
RBI rejects licence application of The Kurnool Urban Co-operative Credit Bank Ltd.
The Reserve Bank of India has rejected the licence application of The Kurnool Urban Co-operative Credit Bank Ltd., (Andhra Pradesh) to carry on 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). 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 or otherwise.N.L
The Reserve Bank of India has rejected the licence application of The Kurnool Urban Co-operative Credit Bank Ltd., (Andhra Pradesh) to carry on 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). 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 or otherwise.N.L
Mar 20, 2001
RBI rejects the licence application of The Co-operative Bank Ltd.
The Reserve Bank of India has rejected the licence application of The Co-operative Bank Ltd., Chodavaram, Andhra Pradesh 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 or otherwise.N.L.
The Reserve Bank of India has rejected the licence application of The Co-operative Bank Ltd., Chodavaram, Andhra Pradesh 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 or otherwise.N.L.
Mar 16, 2001
RBI rejects the licence application of The Pranabananda Co-operative Bank Ltd.
The Reserve Bank of India has rejected the licence application of The Pranabananda Co-operative Bank Ltd., Burdwan, West Bengal to carry on banking busines 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 or otherwise
The Reserve Bank of India has rejected the licence application of The Pranabananda Co-operative Bank Ltd., Burdwan, West Bengal to carry on banking busines 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 or otherwise
Feb 14, 2001
RBI cancels licence of The Mira Bhayandar Co-operative Bank Ltd., Bhayandar, (Maharashtra) to carry on banking business
The Reserve Bank of India has cancelled the licence granted to the Mira Bhayandar Co-operative Bank Ltd., Bhayandar, (Maharashtra) 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 otherwi
The Reserve Bank of India has cancelled the licence granted to the Mira Bhayandar Co-operative Bank Ltd., Bhayandar, (Maharashtra) 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 otherwi
Nov 08, 2000
RBI cancels licence of The Nagrik Co-operative Commercial Bank Maryadit
The Reserve Bank of India has cancelled the licence of The Nagrik Co-operative Commercial Bank Maryadit, Bilaspur, Madhya Pradesh 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 or otherw
The Reserve Bank of India has cancelled the licence of The Nagrik Co-operative Commercial Bank Maryadit, Bilaspur, Madhya Pradesh 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 or otherw
Oct 18, 2000
RBI cancels licence of The Prathamik Shikshak Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence of The Prathamik Shikshak Sahakari Bank Ltd., Nasik (Maharashtra) to carry on banking busines 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 or otherwise.N.L. Rao
The Reserve Bank of India has cancelled the licence of The Prathamik Shikshak Sahakari Bank Ltd., Nasik (Maharashtra) to carry on banking busines 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 or otherwise.N.L. Rao
Oct 05, 2000
RBI cancels licence of The Jyothirlinga Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence of The Jyothirlinga Sahakari Bank Ltd., Jalageri, Dist. Bijapur (Karnataka) to carry on banking busines 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 or otherwise
The Reserve Bank of India has cancelled the licence of The Jyothirlinga Sahakari Bank Ltd., Jalageri, Dist. Bijapur (Karnataka) to carry on banking busines 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 or otherwise
Sep 29, 2000
RBI cancels licence granted to The Latur Peoples Co-operative Bank Ltd.
The Reserve Bank of India has cancelled the licence granted to The Latur Peoples Co-operative Bank Ltd., Latur (Maharashtra) 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 otherwise.N.L. R
The Reserve Bank of India has cancelled the licence granted to The Latur Peoples Co-operative Bank Ltd., Latur (Maharashtra) 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 otherwise.N.L. R
Sep 19, 2000
RBI cancels licence of Federal Co-operative Bank Ltd.
The Reserve Bank of India has cancelled the licence of Federal Co-operative Bank Ltd., Ghatampur, District Kanpur (Uttar Pradesh) to carry on banking busines 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 or otherwi
The Reserve Bank of India has cancelled the licence of Federal Co-operative Bank Ltd., Ghatampur, District Kanpur (Uttar Pradesh) to carry on banking busines 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 or otherwi
Aug 24, 2000
RBI cancels licence of Shree Veraval Vibhagiya Nagrik Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence of Shree Veraval Vibhagiya Nagrik Sahakari Bank Ltd., Veraval, Dist. Junagadh (Gujarat) to carry on banking busines 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
The Reserve Bank of India has cancelled the licence of Shree Veraval Vibhagiya Nagrik Sahakari Bank Ltd., Veraval, Dist. Junagadh (Gujarat) to carry on banking busines 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
Aug 07, 2000
RBI cancels licence of The Bhagyanagar Co-operative Urban Bank Ltd., Hyderabad (Andhra Pradesh)
The Reserve Bank of India has cancelled the licence of The Bhagyanagar Co-operative Urban Bank Ltd., Hyderabad (Andhra pradesh) to carry on 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.P.V. Sadan
The Reserve Bank of India has cancelled the licence of The Bhagyanagar Co-operative Urban Bank Ltd., Hyderabad (Andhra pradesh) to carry on 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.P.V. Sadan
Jul 19, 2000
RBI cancels licence of Sri Laxmi Mahila Co-operative Urban Bank Ltd.
The Reserve Bank of India has cancelled the licence of Sri Laxmi Mahila Co-operative Urban Bank Ltd., Nacharam, , Hyderabad (Andhra pradesh) to carry on banking busines 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
The Reserve Bank of India has cancelled the licence of Sri Laxmi Mahila Co-operative Urban Bank Ltd., Nacharam, , Hyderabad (Andhra pradesh) to carry on banking busines 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
Jun 16, 2000
RBI cancels licence of the Indira Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence of the Indira Sahakari Bank Ltd., Aurangabad, Maharashtra to carry on banking busines 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 or otherwise. P. V. Sadan
The Reserve Bank of India has cancelled the licence of the Indira Sahakari Bank Ltd., Aurangabad, Maharashtra to carry on banking busines 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 or otherwise. P. V. Sadan
May 22, 2000
RBI refuses licence to the Maratha Market Peoples Co-op. Bank Ltd.
The Reserve Bank of India has rejected the licence application of the Maratha Market Peoples Co-operative Bank Ltd., Mumbai 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 public and allow withdrawal by cheque, draft, order or otherwise.N. L. Rao As
The Reserve Bank of India has rejected the licence application of the Maratha Market Peoples Co-operative Bank Ltd., Mumbai 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 public and allow withdrawal by cheque, draft, order or otherwise.N. L. Rao As
Apr 07, 2000
RBI refuses licence to the Aska Cooperative Urban Bank Ltd.
The Reserve Bank of India has rejected the licence application of the Aska Cooperative Urban Bank Ltd., Aska (Orissa) 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 public and allow withdrawal by cheque, draft, order or otherwise.P. V. Sadanandan A
The Reserve Bank of India has rejected the licence application of the Aska Cooperative Urban Bank Ltd., Aska (Orissa) 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 public and allow withdrawal by cheque, draft, order or otherwise.P. V. Sadanandan A
Mar 23, 2000
RBI cancels licence of the Navodaya Sahakara Bank Ltd.
The Reserve Bank of India has cancelled the licence granted to the Navodaya Sahakara Bank Ltd., Bangalore (Karnataka) to carry on 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 otherwise.P. V. Sadanandan Asst
The Reserve Bank of India has cancelled the licence granted to the Navodaya Sahakara Bank Ltd., Bangalore (Karnataka) to carry on 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 otherwise.P. V. Sadanandan Asst
Mar 01, 2000
RBI refuses licence to The Silchar Co-operative Urban Bank Ltd., Silchar (Dist. Cachar, Assam) to carry on banking business in India
The Reserve Bank of India has rejected the application submitted by The Silchar Co-operative Urban Bank Ltd., Silchar (Dist. Cachar, Assam) for grant of licence to carry on banking business in India. 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 the public and allow withdrawal b
The Reserve Bank of India has rejected the application submitted by The Silchar Co-operative Urban Bank Ltd., Silchar (Dist. Cachar, Assam) for grant of licence to carry on banking business in India. 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 the public and allow withdrawal b
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
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
Dec 23, 1999
RBI cancels licence of the Jabalpur Nagrik Sahakari Bank Ltd.
The Reserve Bank of India has cancelled the licence granted to the Jabalpur Nagrik Sahakari Bank Ltd., Jabalpur, Madhya Pradesh to carry on 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 otherwise.Alpana Kill
The Reserve Bank of India has cancelled the licence granted to the Jabalpur Nagrik Sahakari Bank Ltd., Jabalpur, Madhya Pradesh to carry on 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 otherwise.Alpana Kill
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