RBI cancels Licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh
Case Brief
RBI cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. As a result, the bank is immediately barred from carrying on banking business, including acceptance and repayment of deposits.
On September 1, 2014, RBI cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56 of the Act. The release states that the bank is forthwith precluded from transacting the business of banking, including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a complete regulatory shutdown of the bank’s ability to operate and is therefore severity 5.
The bank must stop banking operations forthwith. Depositors and other customers are affected because the institution can no longer accept new deposits or repay deposits through normal banking operations; the order has immediate operational effect from September 1, 2014.
Published as The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh
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