Case Brief
The Reserve Bank of India cancelled the licence of Sriganganagar Urban Cooperative Bank Ltd., Sriganganagar, Rajasthan on September 4, 2004. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is prohibited from transacting banking business and cannot accept deposits from the public or permit withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Sriganganagar, Rajasthan
- Order Date