RBI cancels licence of The Manikanta Cooperative UrbanBank Ltd., Hyderabad, Andhra Pradesh
Case Brief
The Reserve Bank of India cancelled the licence of The Manikanta Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh, under Section 22 of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The bank is therefore precluded from transacting the business of banking and is not allowed to accept deposits from the public or permit withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of The Manikanta Cooperative Urban Bank Ltd., Hyderabad, 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 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 severity 5 action because it fully removes the entity's authorization to carry on banking business.
The bank must cease banking operations because its licence has been cancelled. Depositors and customers are affected because the bank cannot accept new deposits or process withdrawals in the ordinary course.
Published as The Manikanta Cooperative Urban Bank Ltd.
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