April 19, 2024 07:14 (IST)
RBI cancels licence of Jijamata Mahila Sahakari Bank Limited of Satara
Mumbai, Jul 5 (IBNS): The Reserve Bank of India (RBI) announced on Monday that it has cancelled the licence of Jijamata Mahila Sahakari Bank Limited, Satara, Maharashtra to carry on banking business.
The order was issued on June 30 under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949.
As such, the bank is forthwith 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, the release said.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
Latest Headlines
HDFC Life Q4FY24 net profit grows 14.8% YoY to Rs 411 cr Thu, Apr 18 2024
Infosys workforce declines by 25,994 in FY24 Thu, Apr 18 2024
UK's Vesuvius group to invest Rs 1,000 cr in India Thu, Apr 18 2024
Infosys Q4FY24 net profit jumps 30% YoY to Rs 7,969 cr Thu, Apr 18 2024
Indian bourses close in red amid uncertainty in West Asia; Sensex tanks 450pts, Nifty at 21,995 Thu, Apr 18 2024
Musk's Visit to India Can Be a Game-Changer for the Tech Landscape Thu, Apr 18 2024
India now part of global value and supply chains, says CII chief Thu, Apr 18 2024