RBI cancels licence of the Dhana Cooperative Urban Bank Ltd., Eluru, Andhra Pradesh
Case Brief
The Reserve Bank of India has cancelled the licence of The Dhana Cooperative Urban Bank Ltd., Eluru, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). As a result, the bank is precluded from transacting banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Dhana Cooperative Urban Bank Ltd., Eluru, Andhra Pradesh to carry on banking business. The release states that the bank is precluded from transacting banking business and cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
Severity Assessment
Licence cancellation is a severe regulatory action and is always severity 5.
The bank must stop carrying on banking business and cannot accept public deposits or permit withdrawals in the ordinary banking channels described in the release. This has direct operational consequences for the bank and affects its customers/depositors.
Published as The Dhana Cooperative Urban Bank Ltd., Eluru, Andhra Pradesh
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