Case Brief
The Reserve Bank of India cancelled the licence of Arjun Urban Co-Operative Bank Ltd., Dist. Solapur, Maharashtra, by order dated May 21, 2013. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. Following the order, the bank is barred from transacting banking business, including acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Dist. Solapur, Maharashtra
- Order Date