RBI cancels licence of the Sevalal Urban Co-operative Urban Bank Ltd.
Case Brief
RBI cancelled, by order dated December 4, 2002, the licence of Sevalal Urban Co-operative Bank Ltd., Mandrup, Dist. Solapur, Maharashtra, to carry on banking business. The cancellation means the co-operative bank is barred from transacting banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). It may not accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
By order dated December 4, 2002, RBI cancelled the licence granted to Sevalal Urban Co-operative Bank Ltd., Mandrup, Dist. Solapur, Maharashtra, to carry on banking business. 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 public deposits and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity-5 action regardless of any other details.
The bank must cease banking operations as licensed, and customers/depositors cannot continue normal deposit or withdrawal transactions through the institution. The restriction is immediate from the order date unless otherwise specified.
Published as Sevalal Urban Co-operative Bank Ltd.
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