Case Brief
What Happened
RBI has cancelled the banking licence of The Ananthasayanam Co-operative Bank Ltd., Trivandrum, Kerala, originally granted in 1987, under the Banking Regulation Act, 1949. The bank has been notified as a non-banking institution under Section 36A(2) read with Section 56. As a result, it must stop carrying on the business of banking, including acceptance of deposits from non-members, with immediate effect, and must repay unpaid and unclaimed deposits of non-members whenever demanded.