The penalty has been imposed in exercise of the powers vested in the Reserve Bank under the provisions of Section 47A (1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies).
Reserve Bank of India penalizes Sanmitra Sahakari Bank Ltd., Pune.
On liquidation, every depositor is entitled to repayment of his/her deposits up to a monetary ceiling of Rs. 1 lakh from DICGC.
RBI cancels licence of Abhinav Sahakari Bank.
Shree Siddhivinayak Nagari Sahakari Bank Ltd., Raigad – Penalised.
The Prathamik Shikshak Sahakari Bank Ltd., Kolhapur – Penalised.
The Talod Nagarik Sahakari Bank Ltd., Talod, Dist. Sabarkantha (Gujarat) – Penalised