RBI cancels licence of The Friends' Co-operative Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of The Friends' Co-operative Bank Ltd. in Mumbai, Maharashtra. The order precludes the co-operative bank from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), and specifically bars it from accepting public deposits or allowing withdrawals by cheque, draft, order, or otherwise.
The Reserve Bank of India cancelled the licence of The Friends' Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. As a result, the bank is precluded from transacting the business of banking under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full prohibition on operating as a bank, which is severity 5.
The bank must stop carrying on banking business immediately. Depositors cannot place new deposits or withdraw funds through normal banking instruments, and counterparties should treat the institution as no longer authorized to operate as a bank.
Published as The Friends' Co-operative Bank Ltd.
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