RBI cancels Licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra

The Reserve Bank of India has, on August 27, 2014, cancelled the licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra to carry on banking business 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.

Ajit Prasad

Assistant General Manager