RBI cancels licence of Sri Satyasai Cooperative Urban Bank Ltd., secunderabad, Andhra Pradesh
Case Brief
The Reserve Bank of India cancelled the licence of Sri Satyasai Cooperative Urban Bank Ltd., Secunderabad, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The order means the cooperative urban bank is no longer permitted to carry on banking business. It is specifically barred from accepting deposits from the public and from allowing withdrawals by cheque, draft, order, or otherwise.
The Reserve Bank of India cancelled the licence of Sri Satyasai Cooperative Urban Bank Ltd., Secunderabad, 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 transacting 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 under the rubric, regardless of any accompanying operational prohibitions.
The bank must stop carrying on banking business immediately and cannot accept public deposits or permit withdrawals. Depositors and other customers are affected because normal banking operations have been ended by the licence cancellation.
Published as Sri Satyasai Cooperative Urban Bank Ltd.
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