Case Brief
What Happened
The Reserve Bank of India cancelled the licence of The State Transport Employees Co-operative Bank Ltd., Ahmedabad (Gujarat) by an order dated January 13, 2017. As a result, the entity ceased to be a co-operative bank under the Banking Regulation Act, 1949, and the statutory provisions applicable to it as a co-operative bank stopped applying. The release also states that the bank is prohibited from carrying on banking business in India and cannot transact banking business, including acceptance and repayment of deposits.