RBI cancels the license of Hardoi Urban Co-operative Bank Ltd., Hardoi, Uttar Pradesh
Case Brief
RBI cancelled the licence of Hardoi Urban Co-operative Bank Ltd. under section 22 read with section 56 of the Banking Regulation Act, 1949, as applicable to co-operative societies. The cancellation takes effect from close of business on August 30, 2017. From that point, the bank is barred from conducting banking business, including acceptance and repayment of deposits.
The Reserve Bank of India cancelled the licence of Hardoi Urban Co-operative Bank Ltd., Hardoi, 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 order is effective from close of business on August 30, 2017, after which the bank is precluded from transacting banking business, including acceptance and repayment of deposits.
Severity Assessment
Licence cancellation is a full operating prohibition and is severity 5 regardless of any monetary amount.
The bank must stop all banking operations from the effective date. Depositors and other counterparties are affected because the bank is no longer permitted to accept or repay deposits or otherwise transact banking business.
Published as Hardoi Urban Co-operative Bank Ltd.
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