RBI Cancels Licence Of The Botad Peoples Co-Op Bank, Permits To Function As NBFC!
Banking & Finance
Accordingly, RBI has cancelled the licence dated 17 February 1998, granted to The Botad Peoples Co-operative Bank Ltd, Botad to carry on banking business in India."This makes it obligatory on the part of The Botad Peoples Co-operative Bank Ltd., Botad to stop conducting the business of 'banking' within the meaning of section 5(b) of the Act ibid, including acceptance of deposits from non-members with immediate effect," RBI said in a statement.Further, The Botad Peoples Co-operative Bank Ltd, Botad shall have to ensure repayment of unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution.
RBI today notified that The Botad Peoples Co-operative Bank Ltd, Botad is a non-banking institution following the relevant section of the Banking Regulation Act, 1949.
The Reserve Bank of India (RBI) has cancelled the licence granted to The Botad Peoples Co-operative Bank Ltd, Botad, Gujarat and allowed it to function as a non-banking institution.
Further, The Botad Peoples Co-operative Bank Ltd, Botad shall have to ensure repayment of unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as a non-banking Institution. (ANI)
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Founded: 1 April 1935, Kolkata
Governor: Shaktikanta Das
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