Tag Archives: Maharashtra

The Choundeshwari Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra receives specific instructions from Reserve Bank of India

 

kolRBI has issued specific directions on The Choundeshwari Sahakari Bank Ltd., Ichalkaranji, Kolhapur, Maharashtra.

As per the directions a copy of which is displayed on the bank’s premises for perusal by interested members of the public, the bank, from the close of business on August 30, 2014, cannot, without prior approval in writing from the Reserve Bank of India –

  1. i) grant or renew any loans and advances,
  2. ii) make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits,

iii) disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise,

  1. iv) 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 28, 2014.

In particular, depositors of the bank will be able to withdraw a sum not exceeding INR 1,000/- (Rupees one thousand only) of the total balance held in every savings bank or current account or any other deposit account by whatever name called, subject to the conditions stipulated in the RBI Directions.

The issue of the Directions should not per se be construed as cancellation of banking licence by the Reserve Bank. The bank will continue to undertake banking business with restrictions till its financial position improves. The Reserve Bank may consider modifications of these Directions depending upon circumstances.

Ichalkaranji is known as the Manchester of Maharashtra. The name ‘Ichalkaranji’ is a compilation of three different words i.e. Ichy, Uchi and Karanji – these were the three small villages which existed during the 18th century.

 

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Reserve Bank Cancels the Licence of Vishwakarma Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra)

The banking licence of Vishwakarma Nagari Sahakari Bank Maryadit, Aurangabad (Maharashtra), has been cancelled with effect from the close of business of September 12, 2013.

As is the norm, on liquidation, every depositor will be  entitled to repayment of his/her deposits up to a monetary ceiling of Rs 1,00,000/- (Rupees one lakh only) from the Deposit Insurance and Credit Guarantee Corporation (DICGC) under usual terms and conditions.

The bank history is not very long, it was granted license in 1999. By, 2009, the downtrend started.

In India, there are two towns with the same name i.e Aurangabad. One in Maharashtra and another one in Bihar.

 

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

RBI imposes penalty on Vasantdada Nagari Sahakari Bank Ltd., Osmanabad

The Reserve Bank of India has imposed a monetary penalty of Rs`5.00 lakh (Rupees Five Lakh only) on the Vasantdada Nagari Sahakari Bank Ltd. Osmanabad.

The penalty was under RBI’s powers of Section 47A(1)(b) read with Section 46(4) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies),

The penalty was necessitated :

01) for violation of the directives / guidelines of the Reserve Bank of India on maximum limit on unsecured advances,

02)         sanctioning loans and advances to the firms in which the directors and their relatives were interested and

03)        not following the Income Recognition, Asset Classification and Provisioning norms as laid down by Reserve Bank of India, for cooperative societies.

 

Osmanabad  is a municipal council in Osmanabad district in the Indian state of Maharashtra, located in the southern part of Maharshtra.

Located on the banks of the River Manjra, Kallamb is an important commercial centre of this district. Major rivers passing through this district are Terna and Manjara rivers. The district of Osmanabad owes its name to the King of Hyderabad, Nizam Osman Ali.

According to Hindu legend, Lord Rama spent some years of his exile in parts of Osmanabad. Like any ancient town in India, Osmanabad too has its share of annual fairs.

Popular annual fairs held in the region include Tulja Bhavani during Navratri (September-October) and Yermala fair at Kallamb tehsil in January. Saint Goroba fair, Ramlinga fair and Bhairvanath fair are the other popular annual events that are held in the district.

A major attraction of the district is Dharashiv caves that were originally Buddhist but were later onverted into monuments of the Jain religion. Saint Goroba Temple, Naldurg Fort and Paranda Fort are the other attractions in the region.