The apex bank RBI has cancelled the licence of Jijamata Mahila Sahakari Bank Limited based in Satara in Maharashtra.
In a press release the regulator said “It is hereby notified for the information of the public that the Reserve Bank of India has, vide its order dated June 30, 2016, cancelled the licence of Jijamata Mahila Sahakari Bank Limited, Satara, Maharashtra to carry on banking business.”
It quotes “ 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”, it read further.