Recently in Jan 2021 RBI cancelled the licence of Shivam Sahakari Bank Ltd a co operative bank in Ma...........

Maharashtra Economy

Recently (in Jan 2021), RBI cancelled the licence of Shivam Sahakari Bank Ltd, a co-operative bank in Maharashtra. Which section under the Banking Regulation(BR) Act, 1949 deals with accepting and repaying deposits by a bank?

Section 22(3) (a)

Section 5(b)

Section 51-A

Section 63

छोटे Courses बड़े Results

Master Economy

Prepare through Micro-courses

Try Now

Explanation:

On January 28, 2021 The Reserve Bank of India (RBI)cancelled the licence of Shivam Sahakari Bank Ltd, a co-operative bank in Ichalkaranji, Kolhapur, Maharashtra. Following the cancellation of its license, the bank will stop to carry on the banking business, which includes accepting and repaying deposits as defined in Section 5(b) read with Section 56 of the Banking Regulation(BR) Act, 1949, with effect from the close of business on January 29, 2021.