RBI cancels Licence of Pioneer Urban Co-operative Bank Ltd., Lucknow
Case Brief
The Reserve Bank of India cancelled the licence of Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh, effective July 15, 2016. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), read with Section 56. As a result, the bank cannot transact the business of banking, including acceptance and repayment of deposits.
The Reserve Bank of India cancelled the licence of Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh on July 15, 2016. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), read with Section 56 of the Act, thereby prohibiting the bank from carrying on banking business as defined in Section 5(b), including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a severity-5 action under the rubric, regardless of the absence of a monetary penalty.
The bank must stop carrying on banking business and cannot accept or repay deposits. The restriction directly affects the co-operative bank and its customers/depositors, who can no longer use the institution for ordinary banking transactions.
Published as Pioneer Urban Co-operative Bank Ltd., Lucknow
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Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh
License cancellation · Fresh imposition
Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh
Business restriction · Extension
Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh
Business restriction · Extension
Pioneer Urban Co-operative Bank Ltd., Lucknow, Uttar Pradesh
Business restriction · Extension
Pioneer Urban Co-operative Bank Ltd., Lucknow
Business restriction · Fresh imposition
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