Reserve Bank of India (RBI) notified that the licence of Shivalik Mercantile Co-operative Bank Ltd. has been cancelled upon its transition to Small Finance Bank as per the Scheme of Voluntary Transition of Primary (Urban) Co-operative Banks (UCBs) into Small Finance Banks (SFBs) introduced by RBI vide circular reference no. DCBR.CO.LS.PCB.Cir.No.5/07.01.000/ 2018-19 dated 27 September 2018.
Accordingly, the bank has ceased to be a “Co-operative bank” as defined in Section 5(cci) of the Banking Regulation Act, 1949 read with Section 56 of the Act and all the provisions of the said Act apply to the said co-operative bank shall cease to apply to it. On transition, Shivalik Small Finance Bank Ltd. has been granted licence dated 1 January 2021, in the exercise of powers conferred on the Reserve Bank of India by section 22(1) of the Banking Regulation Act, 1949 to carry on small finance banking business in India.
Bình luận