RBI cancels licence of the Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka
Case Brief
The Reserve Bank of India has cancelled the licence of Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka, under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). Following the cancellation, the bank is barred 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 Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka, 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 public deposits and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a maximum-severity action because it prevents the cooperative bank from carrying on banking business at all.
The cooperative bank must stop all banking operations covered by the licence cancellation. Depositors are affected because the bank cannot accept new deposits or permit withdrawals in the ordinary course, and the bank can no longer lawfully conduct banking business.
Published as Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka
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