RBI cancels licence of Trinity Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh
Case Brief
On December 5, 2003, the Reserve Bank of India cancelled the banking licence of Trinity Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh. The action was taken 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 and cannot accept deposits from the public or allow withdrawals by cheque, draft, order or otherwise.
The Reserve Bank of India cancelled the licence of Trinity Cooperative Urban Bank Ltd., Hyderabad, Andhra Pradesh on December 5, 2003. The cancellation was made under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), and the bank was precluded from carrying on banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
Severity Assessment
Licence cancellation is a severity 5 action regardless of any other facts.
The bank must stop conducting banking business immediately. Depositors and other customers can no longer place fresh deposits or withdraw funds through normal banking channels, and the institution is barred from operating as a bank unless a future regulatory action changes this status.
Published as Trinity Cooperative Urban Bank Ltd.
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