Case Brief
The Reserve Bank of India cancelled the licence of The Urban Co-operative Bank Ltd., Siddapur, Dist. Uttara Kannada (Karnataka) on October 27, 2007. RBI said the bank had ceased to be solvent, its financial position was precarious, and repeated efforts to revive it had failed. Earlier Section 35A directions had restricted its operations, including a cap on repayment of deposits, but the bank still had no viable revival plan. Following cancellation, the Registrar of Co-operative Societies, Karnataka was asked to wind up the bank and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Siddapur, Karnataka
- Order Date