RBI cancels licence of Maharashtra's Jijamata Mahila Sahakari Bank
This story was originally published at 18:14 IST on 7 October 2025
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NEW DELHI – The Reserve Bank of India has cancelled the licence of Jijamata Mahila Sahakari Bank, based in Satara in Maharashtra, the central bank said Tuesday. The RBI said the bank does not have adequate capital and earning prospects.
With its present financial position, the bank would not be able to pay its present depositors in full, the RBI said. "The continuance of the bank is prejudicial to the interests of its depositors. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further."
Effective Tuesday, the bank ceases to carry on banking business and is prohibited from accepting and repaying deposits. On liquidation, every depositor would be entitled to a deposit insurance claim amount of up to INR 500,000 from the Deposit Insurance and Credit Guarantee Corp. As of Sept. 30, 2024, 94.41% of the bank's deposits were covered by Deposit Insurance and Credit Guarantee Corp. insurance, the RBI said.
Jijamata Mahila Sahakari Bank's licence was cancelled in 2016 as well. The licence was restored in October 2019 on an appeal by the bank. The appellate authority, which allowed the appeal, had directed a forensic audit of the bank for the financial year 2013-14 (Apr-Mar), but the audit could not be completed because of the bank's non-cooperation. Meanwhile, the bank's financial position continued to deteriorate as assessed by the RBI. End
Reported by Shubham Rana
Edited by Rajeev Pai
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