RBI cancels licence of Armoor co-operative Urban Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of Armoor Co-operative Urban Bank Ltd., Armoor, Andhra Pradesh, under the Banking Regulation Act, 1949 as applicable to co-operative societies. The cancellation precludes the bank from conducting banking business and specifically bars it from accepting public deposits or permitting withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Armoor Co-operative Urban Bank Ltd., Armoor, Andhra Pradesh, to carry on banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is precluded from transacting the business of banking, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity-5 action under the rubric, regardless of any operational details.
Armoor Co-operative Urban Bank Ltd. must stop carrying on banking business. Depositors cannot place new deposits or withdraw funds through normal banking instruments, and the institution is barred from operating as a bank going forward.
Published as Armoor Co-operative Urban Bank Ltd.
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