Case Brief
On January 20, 2015, the Reserve Bank of India cancelled the licence of United Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 read with Section 56 of the same Act as applicable to co-operative societies. As a result, the bank cannot transact the business of banking as defined in Section 5(b), including acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Kanpur, Uttar Pradesh
- Order Date