RBI cancels licence of The Botad Peoples Co-op Bank, Botad, Gujarat, allows it to function as NBFC

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.

Written by Bharat Express English December 30, 2023

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.

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.

Accordingly, RBI has cancelled the licence dated February 17, 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. (ANI) RBI cancels the licence granted to The Botad Peoples Co-operative Bank Ltd., Botad, Gujarat

(ANI)

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