The Reserve Bank of India has notified that the licence of Shri Siddhivinayak Nagrik Sahakari Bank Ltd., Rasayani, District Raigad, Maharashtra has been cancelled.
The RBI order was issued on September 23, 2013 which directed the UCB to stop carrying on banking business under Section 22 of the Banking Regulation Act, 1949.
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.
It was third case of setback for Urban Cooperative banks within a week