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Our Bureau

Mumbai , Sept. 15

THE Reserve Bank of India said it has cancelled the licence of Lord Balaji Cooperative Bank Ltdof Madhavnagar in Sangli district to carry on business on September 8.

The bank will not be allowed to accept deposits and allow withdrawals by cheque, draft, order or otherwise and also will be precluded from transacting the business of `banking' as defined in the Banking Regulation Act, 1949, said a news release.

The RBI has cancelled the licence under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies).

More Stories on : Co-operatives | RBI & Other Central Banks | Maharashtra

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