Previous sanction of Reserve Bank of India or NABARD in certain matters

Notwithstanding anything contained in Sections 12, 13, 14, and 15, in the case of a Co-operative Bank or an Urban Co-operative Bank, no conversion, transfer, division, amalgamation merger dissolution shall take place save with the previous sanction in writing of the Reserve Bank of India, the National Bank of Agriculture and Rural Development Bank, as the case may be. Once a banking license is cancelled by the concerned authority, it is mandatory on the part of Registrar of Co-operative Societies to send it into liquidation.