Case Brief
The Reserve Bank of India cancelled the licence of The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh to carry on banking business in India. The cancellation means the bank is precluded from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits from the public and permitting withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Allahabad, Uttar Pradesh
- Order Date