RBI cancels licence of Neelagiri Cooperative Urban Bank Ltd.,Nalgonda, Andhra Pradesh
Case Brief
The Reserve Bank of India cancelled the licence of The Neelagiri Cooperative Urban Bank Ltd., Nalgonda, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The order bars the bank from transacting banking business and specifically prevents it from accepting deposits from the public or allowing withdrawals by cheque, draft, order, or otherwise.
RBI cancelled the licence of The Neelagiri Cooperative Urban Bank Ltd., Nalgonda, 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.
Severity Assessment
Licence cancellation is a complete regulatory shutdown and is always severity 5.
The bank must stop carrying on banking business and cannot accept deposits or permit withdrawals. Customers and counterparties are affected because routine banking operations are no longer permitted.
Published as The Neelagiri Cooperative Urban Bank Ltd., Nalgonda, Andhra Pradesh
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