RBI cancels licence of The Bellampalli Cooperative Urban Bank Ltd., Bellampalli, Andhra Pradesh
Case Brief
The Reserve Bank of India cancelled the licence of The Bellampalli Cooperative Urban Bank Ltd., Bellampalli, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The order precludes the bank from transacting the business of banking, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise. This is a terminal regulatory action against the cooperative urban bank.
The Reserve Bank of India cancelled the licence of The Bellampalli Cooperative Urban Bank Ltd. to carry on banking business. As a result, the bank is precluded from transacting the business of banking as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies), including accepting public deposits and allowing withdrawals by cheque, draft, order or otherwise. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies).
Severity Assessment
Licence cancellation is a terminal supervisory action and is always severity 5.
The bank must stop carrying on banking business and cannot accept fresh deposits or permit withdrawals in the ordinary course. Depositors and counterparties are directly affected because the institution is no longer authorised to operate as a bank.
Published as The Bellampalli Cooperative Urban Bank Ltd., Bellampalli, Andhra Pradesh
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