RBI cancels licence of The Sai Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh
Case Brief
RBI cancelled the licence of The Sai Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The cancellation precludes the bank from transacting the business of banking, including accepting deposits from the public and allowing withdrawals by cheque, draft, order, or otherwise.
The Reserve Bank of India cancelled the licence of The Sai Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is precluded from carrying on banking business and cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity-5 action regardless of any monetary amount because it fully prevents the bank from operating as a banking entity.
The bank must stop conducting banking business and cannot accept fresh deposits or permit withdrawals. This directly affects depositors and counterparties, as normal banking operations are no longer permitted.
Published as The Sai Cooperative Urban Bank Ltd.
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