India's RBI cancels licence of The Shirpur Merchants Co-operative Bank Ltd.
Shirpur co‑operative bank operations halted; no deposits accepted or repaid
Change
India's RBI cancelled the licence of The Shirpur Merchants Co-operative Bank Ltd. on April 2, 2026; the bank was ordered to cease banking business from the close of April 6, 2026, and is prohibited from accepting or repaying deposits.
Why it matters
Customer access to accounts and payment services will be interrupted and must be resolved through the statutory liquidation process. Until a liquidator is appointed and processes claims, depositors face delayed or incomplete recovery of funds.
Implications
- — Account holders at The Shirpur Merchants Co-operative Bank Ltd. — must submit claims to the appointed liquidator immediately — otherwise they risk delayed processing and potential inability to recover full deposit balances.
- — Commissioner for Cooperation, Registrar of Cooperative Societies, Maharashtra — must issue the winding-up order and appoint a liquidator without delay — until they act, creditor claims cannot be centralised and repayment processing will be stalled.
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