RBI cancels licence of Vasundara Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh
Case Brief
On September 8, 2003, the Reserve Bank of India cancelled the licence of Vasundara Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The cancellation prevents the bank from transacting banking business, including accepting public deposits and allowing withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Vasundara Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh on September 8, 2003. As a result, the bank is precluded from transacting banking business and is not permitted to accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise. The cancellation was issued under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies).
Severity Assessment
Licence cancellation is a terminal enforcement action and carries severity 5 regardless of any accompanying operational restrictions.
The bank must stop carrying on banking business and cannot accept deposits or permit withdrawals. Depositors and counterparties are directly affected because the institution is no longer licensed to operate as a bank.
Published as Vasundara Cooperative Urban Bank Ltd.
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