Western Co-operative Bank Ltd., Mumbai Licence Cancelled
Case Brief
The Reserve Bank of India has cancelled the licence of Western Co-operative Bank Ltd., Mumbai, Maharashtra, to carry on banking business in India. This means the co-operative bank is no longer allowed to transact banking business under the Banking Regulation Act, 1949 as applicable to co-operative societies. The order specifically prevents the bank from accepting deposits from the public and from allowing withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Western Co-operative Bank Ltd., Mumbai, Maharashtra, under the Banking Regulation Act, 1949 as applicable to co-operative societies. As a result, the bank is precluded from carrying on banking business and is not permitted to accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full prohibition on operating as a bank and is always severity 5.
The bank must cease banking operations immediately and cannot accept new deposits or process withdrawals in the ordinary course. Depositors and other customers are directly affected because the bank is barred from conducting banking business.
Published as Western Co-operative Bank Ltd., Mumbai
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