Case Brief
The Reserve Bank of India has cancelled the licence of Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). Following the cancellation, the bank is barred from transacting banking business, 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
- Gulbarga, Karnataka
- Order Date