RBI cancels the license of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh
Case Brief
RBI cancelled the licence of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, under Section 22 of the Banking Regulation Act, 1949 read with Section 56. The cancellation was ordered on August 11, 2017 and took effect from the close of business on August 22, 2017. As a result, the bank is precluded from transacting banking business, including acceptance and repayment of deposits.
By order dated August 11, 2017, RBI cancelled the licence of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies) read with Section 56. With effect from close of business on August 22, 2017, the bank was precluded from transacting banking business, including acceptance and repayment of deposits, forthwith.
Severity Assessment
Licence cancellation is a maximum-severity action because it prevents the co-operative bank from carrying on banking business at all.
The bank must cease banking operations from the effective date, and customers are affected because deposits cannot be accepted or repaid through normal banking business. The restriction is permanent unless later restored through a separate regulatory action.
Published as Mahamedha Urban Co-operative Bank Ltd.
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