The Reserve Bank cancels licence of The Star Cooperative Urban Bank Ltd.
Case Brief
The Reserve Bank of India cancelled the licence of The Star Cooperative Urban Bank Ltd., Dilsukhnagar, Hyderabad (Andhra Pradesh), to carry on banking business under the Banking Regulation Act, 1949 (as applicable to co-operative societies). The cancellation means the bank is precluded from transacting the business of banking and may not accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Star Cooperative Urban Bank Ltd., Dilsukhnagar, Hyderabad, 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 and cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a full operational prohibition and is always severity 5.
The bank must cease banking operations because its licence has been cancelled. Depositors are affected because the bank cannot accept fresh deposits or process withdrawals in the ordinary course of banking business.
Published as The Star Cooperative Urban Bank Ltd.
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