Licence of Urban Co-operative Bank Ltd. Allahabad,Uttar Pradesh cancelled
Case Brief
The Reserve Bank of India cancelled the licence of The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh to carry on banking business in India. The cancellation means the bank is precluded from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies), including accepting deposits from the public and permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh 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 severe action that removes the bank’s ability to operate, which falls under severity 5.
The bank can no longer legally conduct banking business, accept fresh deposits, or allow customer withdrawals. Depositors and counterparties are affected because the institution is barred from normal banking operations.
Published as The Urban Co-operative Bank Ltd., Allahabad, Uttar Pradesh
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