RBI cancels licence of Sriganganagar Urban Cooperative Bank Ltd., Sriganganagar, Rajasthan
Case Brief
The Reserve Bank of India cancelled the licence of Sriganganagar Urban Cooperative Bank Ltd., Sriganganagar, Rajasthan on September 4, 2004. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is prohibited from transacting banking business and cannot accept deposits from the public or permit withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Sriganganagar Urban Cooperative Bank Ltd., Sriganganagar, Rajasthan on September 4, 2004. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), and the bank was thereby precluded from carrying on banking business, including accepting public deposits and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity-5 action because it fully removes the bank’s ability to operate as a banking institution.
The bank must stop all banking operations covered by its licence, including accepting deposits and processing withdrawals. Depositors and counterparties are directly affected because the institution can no longer function as a bank.
Published as Sriganganagar Urban Cooperative Bank Ltd.
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