Case Brief
RBI cancelled, by order dated December 4, 2002, the licence of Sevalal Urban Co-operative Bank Ltd., Mandrup, Dist. Solapur, Maharashtra, to carry on banking business. The cancellation means the co-operative bank is barred from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). It may not accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Mandrup, Maharashtra
- Order Date