Business Desk, AnyTV, New Delhi
Published by: Deepak Chaturvedi
Updated Thu, 03 Mar 2022 10:12 AM IST
Summary
Sarjeraodada Naik Sahakari Bank License Canceled: In a major action, the Reserve Bank of India (RBI) has canceled the license of Sarjeraodada Naik Shirala Cooperative Bank located in Sangli, Maharashtra. According to the report, this step has been taken due to insufficient capital with the bank and low earning potential.
The Reserve Bank of India has taken a big action on a cooperative bank of Maharashtra. The central bank has canceled the license of Sangli-based Sarjeroda Naik Shirala Sahakari Bank. By issuing a statement, it has been said by RBI that after the end of Wednesday’s trading day, its banking business has been banned from Thursday.
hence the action taken
Giving the reason for this action taken on the co-operative bank, the statement said that this step has been taken due to lack of sufficient capital and low earning prospects with the Sargerodada Naik Shirala Sahakari Bank. According to a report released in this regard, the commissioner of cooperatives and registrar of cooperative societies in Maharashtra have also been requested to issue an order to close the bank and appoint a liquidator for the borrowers.
RBI getting stricter
Let us tell you that the RBI’s stand on banks in case of violation of rules is becoming tough. Recently, the Reserve Bank had imposed a fine on three co-operative banks. RBI had imposed a fine of more than Rs 5 lakh on one Chhattisgarh and two Madhya Pradesh cooperative banks for deficiencies in compliance rules. Apart from this, in the month of February also, RBI had taken action to impose fine on two from Tamil Nadu and one from Jammu and Kashmir.
Expansion
The Reserve Bank of India has taken a big action on a cooperative bank of Maharashtra. The central bank has canceled the license of Sangli-based Sarjeroda Naik Shirala Sahakari Bank. By issuing a statement, it has been said by RBI that after the end of Wednesday’s trading day, its banking business has been banned from Thursday.
hence the action taken
Giving the reason for this action taken on the co-operative bank, the statement said that this step has been taken due to lack of sufficient capital and low earning prospects with the Sargerodada Naik Shirala Sahakari Bank. According to a report released in this regard, the commissioner of cooperatives and registrar of cooperative societies in Maharashtra have also been requested to issue an order to close the bank and appoint a liquidator for the borrowers.
RBI getting stricter
Let us tell you that the RBI’s stand on banks in case of violation of rules is becoming tough. Recently, the Reserve Bank had imposed a fine on three co-operative banks. RBI had imposed a fine of more than Rs 5 lakh on one Chhattisgarh and two Madhya Pradesh cooperative banks for deficiencies in compliance rules. Apart from this, in the month of February also, RBI had taken action to impose fine on two from Tamil Nadu and one from Jammu and Kashmir.