Case Brief
RBI cancelled the licence of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, under Section 22 of the Banking Regulation Act, 1949 read with Section 56. The cancellation was ordered on August 11, 2017 and took effect from the close of business on August 22, 2017. As a result, the bank is precluded from transacting banking business, including acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Ghaziabad, Uttar Pradesh
- Order Date