Cancellation of licence of Gokul Co-operative Urban Bank Limited, Secunderabad to carry on banking business
Case Brief
The Reserve Bank of India cancelled the licence of Gokul Co-operative Urban Bank Ltd., Secunderabad, under Section 22 of the Banking Regulation Act, 1949 read with Section 56 applicable to co-operative societies. The cancellation bars the bank from carrying on banking business as defined under the Act, including acceptance and repayment of deposits, with immediate effect.
RBI cancelled the licence of Gokul Co-operative Urban Bank Ltd., Secunderabad, 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 precluded from transacting the business of banking, including acceptance and repayment of deposits, forthwith.
Severity Assessment
Cancellation of a banking licence is a severity 5 action regardless of any other details.
The bank must stop all banking operations forthwith. Depositors can no longer place new deposits or receive repayments through normal banking business, and the institution is effectively barred from conducting banking activities unless any separate legal/administrative remedy is granted.
Published as Gokul Co-operative Urban Bank Ltd.
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