RBI cancels Adinath Shahkari Bank’s licence
By Our Banking Bureau | 01 Jul 2002
Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of the Pune-based Shri Adinath Shahkari Bank Ltd.
The bank has been precluded from transacting the business of ‘banking’ as defined in the Banking Regulations Act, 1949. It would not be in order for the bank to accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise, according to the RBI dictum.
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