RBI cancels licence of The Prudential Cooperative Bank Ltd., Secunderabad, (Andhra Pradesh)
Case Brief
The Reserve Bank of India cancelled the licence of The Prudential Cooperative Bank Ltd., Secunderabad, 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 prohibits it from accepting deposits from the public or permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Prudential Cooperative Bank Ltd., Secunderabad, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). As a result, the bank is precluded from transacting the business of banking and cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full business-ending supervisory action and is always severity 5.
The bank must stop carrying on banking business and cannot take public deposits or process withdrawal instructions. Depositors and counterparties are affected because the institution is no longer authorised to operate as a bank.
Published as The Prudential Cooperative Bank Ltd., Secunderabad
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