The Bank of Russia has withdrawn a banking license held by Makhachkala-based Andjibank, the regulator’s PR department reported.

The Bank of Russia’s decision is to take effect as of July 19.

Andjibank is a member of the national deposit insurance system.

The regulator decided to strip the Dagestan-based lender off its banking license as the latter violated the federal laws regulating the activity of lending institutions in Russia, and also the Bank of Russia’s statutory acts. In particular, the regulator found a substantial shortfall in cash at hand at Andjibank.

Furthermore, the lender, registered by the regulator in 1990, failed to meet the regulator’s demand to form loan loss provisions, and also provided the Bank of Russia with knowingly unreliable financial statements.

Andjibank has become a third Dagestan-based bank, the license of which was revoked by the Bank of Russia in the past few months.