Case Brief
The Reserve Bank of India cancelled the licence of The Manikanta Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The bank is therefore precluded from transacting the business of banking and is not allowed to accept deposits from the public or permit withdrawals by cheque, draft, order or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Hyderabad, Andhra Pradesh
- Order Date