RBI cancels licence of Shivalik Mercantile Co-operative Bank Ltd

  • Home
  • RBI cancels licence of Shivalik Mercantile Co-operative Bank Ltd

Studycafe | Nov 27, 2021 | Views 256635

RBI cancels licence of Shivalik Mercantile Co-operative Bank Ltd

RBI cancels licence of Shivalik Mercantile Co-operative Bank Ltd

The Reserve Bank of India has cancelled Shivalik Mercantile Co-operative Bank Ltd.’s licence following its transition to Small Finance Bank as per RBI’s Scheme of Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) introduced in circular reference no. DCBR.CO.LS.PCB.Cir.No.5/07.01.000/2018-19 dated September 27, 2018.

As a result, the bank has ceased to be a “Co-operative bank” as defined in Section 5 (cci) of the Banking Regulation Act, 1949, as read with Section 56 of the Act, and all provisions of the said Act that apply to the said co-operative bank will no longer apply to it. Shivalik Small Finance Bank Ltd. was given a licence to engage on small finance banking activity in India on January 1, 2021, in exercise of powers bestowed on the Reserve Bank of India by section 22 (1) of the Banking Regulation Act, 1949.

StudyCafe Membership

Join StudyCafe Membership. For More details about Membership Click Join Membership Button

Join Membership

In case of Any Doubt regarding Membership you can mail us at [email protected]

Join Studycafe's What's App Group or Telegram Channel for Latest Updates on Income Tax, GST, Companies Act, Judgements and CA, CS, ICWA, and MUCH MORE!"




Leave a Reply