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RBI cancels licence of Jijamata Mahila Sahakari Bank Limited of Satara

India Blooms News Service | | Jul 05, 2016, at 08:41 pm

#Jijamata Mahila Sahakari Bank Limited # RBI cancels licence of Satara bank

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.

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