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