Case Brief
The Reserve Bank of India cancelled the licence of The Prudential Cooperative Bank Ltd., Secunderabad, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The order bars the bank from transacting banking business and specifically prohibits it from accepting deposits from the public or permitting withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Secunderabad, Andhra Pradesh
- Order Date