Case Brief
On September 8, 2003, the Reserve Bank of India cancelled the licence of Vasundara Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The cancellation prevents the bank from transacting banking business, including accepting public deposits 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