Reserve Bank of India (RBI) has canceled the banking license of Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Ltd., Maharashtra. According to RBI, this action has been taken due to the poor financial condition of the bank.
New Delhi. The Reserve Bank of India (RBI) has canceled the license of Dr. Shivajirao Patil Nilangekar Urban Co-operative Bank Limited (Dr Shivajirao Patil Nilangekar Urban Co-operative Bank), a Maharashtra based bank. According to RBI, this action has been taken due to the poor financial condition of the bank. With the cancellation of the license, bank deposits and payments have also been banned.
Customers will not be able to withdraw money
Due to cancellation of bank license, the depositors may be unable to repay the money. Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Ltd. cannot repay the money due to its current financial situation. Apart from RBI, the Cooperative Commissioner and Registrar of Cooperative Societies have also issued an order to close this bank of Maharashtra and appoint an officer for the bank.bank will not have much interest , there is no source of earning
RBI said that Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank does not have any means of earning. This is not as per the provisions of the Banking Regulation Act 1949. The continuation of Dr. Shivajirao Patil Nilangekar Urban Co-Operative Bank Ltd. to the customers of the bank is not correct. If the bank is allowed to increase business, then it will affect the customers and the people.
1 month ago the license of this bank was canceled
Only 1 month ago, RBI canceled the banking license of Shivaji Rao Bhosale Co-operative Bank Ltd., located in Pune, Maharashtra. RBI had imposed this restriction on Shivajirao Bhosale Co-operative Bank under sub-section of Section-35A of the Banking Regulation Act 1949. Under these restrictions, the RBI had banned withdrawal, deposit, giving loans. Let us tell you that even before this RBI has canceled the licenses of many cooperative banks of Maharashtra.
