Case Brief
The Reserve Bank of India cancelled the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, Uttar Pradesh, by order dated March 30, 2017. The cancellation was issued under section 22 of the Banking Regulation Act, 1949 read with section 56, and it bars the bank from carrying on the business of banking under section 5(b), including acceptance and repayment of deposits, with immediate effect.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Meerut, Uttar Pradesh
- Order Date