Case Brief
The Reserve Bank of India cancelled the licence of Gokul Co-operative Urban Bank Ltd., Secunderabad, under Section 22 of the Banking Regulation Act, 1949 read with Section 56 applicable to co-operative societies. The cancellation bars the bank from carrying on banking business as defined under the Act, including acceptance and repayment of deposits, with immediate effect.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Secunderabad, Telangana
- Order Date