Case Brief
The Reserve Bank of India cancelled the licence of The Friends' Co-operative Bank Ltd. in Mumbai, Maharashtra. The order precludes the co-operative bank from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), and specifically bars it from accepting public deposits or allowing withdrawals by cheque, draft, order, or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date