RBI cancels Licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra

            On 27 August 2014, after RBI’s directions on cancellation of its banking licence, T’he Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra’, shut its doors for ever.

The Reserve Bank of India has, on August 27, 2014, cancelled the licence of The Merchant’s Co-operative Bank Ltd., Dist. Dhule, Maharashtra to carry on banking business.      

    

 As such, the bank is forthwith precluded from transacting the business of 'banking' as defined in Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) including acceptance/repayment of deposits.

Located on the banks of River Tapi in Maharashtra, Dhule is one of the few organized cities in India established before independence.

            Dhule is also famous for a large number of Solar Cookers spread across the district. Another recent attraction in Dhule is the Integrated Textile Park.