Supreme Court: Banks Cannot Effectively Blacklist Lawyers by Placing Them on Caution Lists  ||  Madras HC: Advocates Can't Seek Out-of-Turn Case Listing Through Writ Petitions  ||  J&K&L HC: Vehicle Can't Remain in Police Custody During NDPS Trial over Possible Confiscation  ||  J&K&L HC: Prolonged Stagnation in Small Cadres Does Not Grant Right to Promotion  ||  Delhi HC Rejects Bail Plea of Athar Khan in Alleged Delhi Riots Conspiracy  ||  Delhi HC Full Bench: School Employee's Suspension Ends if DOE Approval Isn't Given in 15 Days  ||  Allahabad HC: Mere Note of Failed Conciliation Not Sufficient for Lok Adalat Proceedings  ||  Delhi HC: Govt Created 'Utter Chaos' in OBC Reservation Rules Through Conflicting Notifications  ||  Calcutta HC: Acceptance of Rent After Quit Notice Doesn't Waive Tenancy Termination  ||  Delhi HC Flags EFI Selection Criteria Breach in Asian Games Dressage Team, Declines to Interfere    

Cancellation of licence to carry on banking business in India under Section 22 read with Section 56 of the Banking Regulation Act, 1949 - Rupee Co-operative Bank Ltd., Pune- (Reserve Bank of India) (02 Nov 2022)

MANU/RPRL/0510/2022

Banking

1. The Reserve Bank of India, vide order No.DOR.MON.LC-04/12.22.218/2022-23 dated August 08, 2022, had cancelled the banking licence of Rupee Co-operative Bank Ltd., Pune on August 10, 2022. However, the Hon'ble High Court of Bombay in Writ Petition No. 11300 of 2022 (Rupee Co-operative Bank Ltd. vs. The Union of India and Ors.) vide order dated September 22, 2022, had suspended the cancellation order dated August 8, 2022 till the conclusion of the appeal filed by Rupee Co-operative Bank Ltd. before the Appellate Authority. Subsequently, the Hon'ble Supreme Court of India in the Petition for Special Leave to Appeal (C) No. 17407 of 2022 (Reserve Bank of India vs. Rupee Co-operative Bank Ltd. and Ors.) vide order dated September 30, 2022, had directed that the order of stay which was granted by the Hon'ble High Court of Bombay in Writ Petition No. 11300 of 2022 (Rupee Co-operative Bank Ltd. vs. The Union of India and Ors.) shall stand restricted to the period up to and inclusive of October 31, 2022.

2. It is hereby notified for the information of the public that the Appellate Authority, vide order dated October 31, 2022, has dismissed the appeal filed by the Rupee Co-operative Bank Ltd. against the cancellation order dated August 8, 2022. Consequently, RCS, Maharashtra, in exercise of power conferred under Maharashtra Co-operative Societies Act, 1960, has appointed the liquidator, vide order dated October 31, 2022, for winding up of affairs of Rupee Co-operative Bank Ltd., Pune.

Tags : CANCELLATION   LICENCE   BANKING BUSINESS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved