Case Brief
The Reserve Bank of India cancelled the licence of Armoor Co-operative Urban Bank Ltd., Armoor, Andhra Pradesh, under the Banking Regulation Act, 1949 as applicable to co-operative societies. The cancellation precludes the bank from conducting banking business and specifically bars it from accepting public deposits or permitting withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Armoor, Andhra Pradesh
- Order Date