Case Brief
The Reserve Bank of India cancelled the licence of The Neelagiri Cooperative Urban Bank Ltd., Nalgonda, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The order bars the bank from transacting banking business and specifically prevents it from accepting deposits from the public or allowing withdrawals by cheque, draft, order, or otherwise.
Action Snapshot
- Primary Impact
- License cancellation
- Entity Type
- Co-operative bank
- Location
- Nalgonda, Andhra Pradesh
- Order Date