Case Brief
RBI cancelled the licence of Hardoi Urban Co-operative Bank Ltd. under section 22 read with section 56 of the Banking Regulation Act, 1949, as applicable to co-operative societies. The cancellation takes effect from close of business on August 30, 2017. From that point, the bank is barred from conducting banking business, including acceptance and repayment of deposits.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Hardoi, Uttar Pradesh
- Order Date