Case Brief
The Reserve Bank of India cancelled the licence of Sri Satyasai Cooperative Urban Bank Ltd., Secunderabad, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The order means the cooperative urban bank is no longer permitted to carry on banking business. It is specifically barred from accepting deposits from the public and from allowing withdrawals by cheque, draft, order, or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Secunderabad, Andhra Pradesh
- Order Date