Case Brief
The Reserve Bank of India has cancelled the licence of Western Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. This means the co-operative bank is no longer allowed to transact banking business under the Banking Regulation Act, 1949 as applicable to co-operative societies. The order specifically prevents the bank from accepting deposits from the public and from allowing withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Mumbai, Maharashtra
- Order Date