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2022 SCAM Maharashtra’s Laxmi Co-operative Bank

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Old 09-22-2022, 03:26 PM
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Default 2022 SCAM Maharashtra’s Laxmi Co-operative Bank

As per the press release, Reserve Bank cancelled the licence of the bank as:

  • Bank News: The Reserve Bank of India (RBI) on Thursday cancelled the licence of “The Laxmi Co-operative Bank Limited, Solapur, Maharashtra”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on September 22, 2022
  • The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
  • The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949;
  • The continuance of the bank is prejudicial to the interests of its depositors;
  • The bank with its present financial position would be unable to pay its present depositors in full; and
  • Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

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