RBI Cancels the licence of Independence Co-operative Bank Limited, Nashik, MH
The Reserve Bank of India (RBI), vide order dated February 02, 2022, has cancelled the licence of Independence Co-operative Bank Ltd., Nashik, Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 03, 2022. The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
RBI Cancels the licence of Independence Co-operative Bank Limited, Nashik, MH
The Reserve Bank cancelled the licence of the bank as:
- i. The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
- ii. The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
- iii. The continuance of the bank is prejudicial to the interests of its depositors;
- iv. The bank with its present financial position would be unable to pay its present depositors in full; and
v. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
- 2. Consequent to the cancellation of its licence, Independence Co-operative Bank Limited, Nashik, Maharashtra, is prohibited from conducting the business of ‘banking’ which includes acceptance of deposits and repayment of deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation Act, 1949 with immediate effect.
- 3. On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- (Rupees Five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of the DICGC Act, 1961. As per the data submitted by the bank, more than 99% of the depositors are entitled to receive full amount of their deposits from DICGC. As on January 27, 2022, DICGC has disbursed ₹2.36 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act,1961 based on the willingness received from the concerned depositors of the bank.
Join EduTaxTuber Network for the Latest updates on Income Tax, GST, Company Law, Stock Market and other related subjects.
Also, read other articles @ EduTaxTuber
-
Notification No. 37/2021 Central Tax- Seeks to make amendments to the CGST Rules, 2017
-
Government to introduce a Bill to Regulate Crypto Currency: Private Cryptocurrency to be banned and RBI to issue new crypto
-
New AIS includes additional information relating to interest, dividend, securities transactions, mutual fund transactions, etc.
-
Important Income Tax Due Dates for November 2021
-
Important Income Tax Due Dates for October 2021
-
RBI to Impose Monetary penalty on Banks for Non-Availability of Cash in ATMs
-
How to Download ITR Acknowledgement from New e-filing Portal?
-
ICAI | Extension of the time period for admission in Foundation Course
-
What is e-RUPI? | The New Digital Payment
-
GST Annual Return & Audit (GSTR 9 & GSTR 9C) For FY 2020-21
-
CMA-Extension of time for submission of online Examination Application Form
-
FAQs – Filling of ITR forms for Assessment Year 2021-22
-
FAQs on Covid 19 Vaccination
-
How to Verify the PAN Details Online?
-
How to Download Covid 19 Vaccination Certificate?
-
Circular No. 2 of 2021- Clarification in respect of Residential Status
-
Case Study Digest at the Final level-ICAI
-
CBDT Issues Refunds to Taxpayers between 1.04.2020 to 28.02.2021
-
Post Office Saving Account | Now Maintaining Minimum Balance is Mandatory
-
Shortcut Key in Tally – Tally ERP & TallyPrime
-
Learn How to Create a Company in TallyPrime?
-
How to E-Verify ITR
-
How to Check Income Tax Refund Status -Online
-
How to download ITR form (Java/Excel)?
-
Goods and Service Tax-List of Central Tax Notifications 2020
-
Know All About TDS – Rates, Due Dates, Forms & Challans, etc.
-
What is Form 15G and 15H? ( How to avoid TDS on interest income)
-
Court Refuses Anticipatory Bail to CA Accused of Forgery and GST Evasion
-
Income Tax Advisory for Validation of Bank Account for Income Tax Refund
-
GSTN Advisory on MERA BILL MERA ADHIKAAR SCHEME
-
MCA Issued Circular for Condonation of delay in Filing Form-3, Form-4, and Form-11
-
Steps For e-Invoicing: A Step-by-Step Guide for e-invoice
-
Income Tax Notification No. 43/2023: CBDT Notifies New Form 10IEA
-
CA Foundation Result: 7th August 2023- Check Result @ ICAI
-
To Curb Black Money: CG in consultation with the Chief Justice of the High Court of Jharkhand designates special economic offense court
-
Sum – Excel Practice Online
-
Excel Practice Online

We are here to help for every updates related to everything…👍📙👍📗