Banking licence of Kokan Prant Sahakari Bank Ltd, Mumbai, Maharastra cancelled


Reserve Bank of India, vide order UBD.CO.BSD I/LC No. 6/12.22.114/2013-14, dated September 30, 2013, has cancelled the license of Kokan Prant Sahakari Bank Ltd, Mumbai, Maharashtra to  carry on banking business

RBI vide Press Release : 2012-2013/250 dt.August 7, 2012, has informed that the aforesaid bank shall not, without prior approval of RBI in writing grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits, disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compromise or arrangement and sell, transfer or otherwise dispose of any of its properties or assets except as notified in the RBI Directions dated August 6, 2012. A copy of the same was displayed on the bank’s premises for perusal by interested members of the public.

In particular, a sum not exceeding Rs1000/- (Rupees one thousand only) out of the total balance held in every savings bank / current account or any other deposit account would  be allowed to be withdrawn subject that to only when the conditions stipulated in the above RBI Directions are met.

 

KOKAN comprises four districts of  Thane, Raigad, Ratnagiri and Sindhudurg in Maharashtra

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