Case Brief
The Reserve Bank of India cancelled the licence of Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh, effective July 15, 2016. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), read with Section 56. As a result, the bank cannot transact the business of banking, including acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Lucknow, Uttar Pradesh
- Order Date