April 1, 2023
  • The Reserve Bank of India (RBI) has cancelled the licence of Pune-based Shivajirao Bhosale Sahakari Bank. The bank ceases to carry on banking business, with effect from the close of business on May 31.
  • The bank does not have adequate capital and earning prospects. As such, it does not comply with the provision of the Banking Regulation Act, 1949.
  • The RBI observed that the bank with its present financial position would be unable to pay its present depositors in full. The bank was placed under RBI Directions from the close of business on May 4, 2019.
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