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        FEMA & RBI

        Cancellation of licence of Kokan Prant Sahakari Bank Ltd, Mumbai, Maharastra To carry on banking business

        October 8, 2013

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        It is hereby notified for the information of the public that the Reserve Bank of India has cancelled vide order UBD.CO.BSD I/LC No. 6/12.22.114/2013-14, dated September 30, 2013, the licence of Kokan Prant Sahakari Bank Ltd, Mumbai, 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. 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.

        Ajit Prasad

        Assistant General Manager

        Banking licence cancellation bars the named cooperative bank from carrying on banking business, including accepting or repaying deposits. Cancellation of the banking licence of Kokan Prant Sahakari Bank Ltd by regulatory order removes the bank's authority to conduct banking business under the Banking Regulation Act as applied to cooperative societies and precludes it from accepting or repaying deposits with immediate effect.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Banking licence cancellation bars the named cooperative bank from carrying on banking business, including accepting or repaying deposits.

                                Cancellation of the banking licence of Kokan Prant Sahakari Bank Ltd by regulatory order removes the bank's authority to conduct banking business under the Banking Regulation Act as applied to cooperative societies and precludes it from accepting or repaying deposits with immediate effect.


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