Case Brief
RBI, by order dated April 24, 2025, cancelled the licence of Imperial Urban Co-operative Bank Ltd., Jalandhar. The cancellation was based on the bank’s inadequate capital and earning prospects, non-compliance with provisions of Section 11(1) and multiple clauses of Section 22(3) read with Section 56 of the Banking Regulation Act, 1949, and RBI’s view that the bank’s continuation would be prejudicial to depositors and public interest. Consequent to the cancellation, the bank was prohibited from conducting the business of banking, including acceptance and repayment of deposits, with immediate effect. RBI also requested the Registrar of Cooperative Societies, Government of Punjab, to wind up the bank and appoint a liquidator.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Jalandhar, Punjab