RBI cancels licence of Sree Swamy Gnanananda Yogeeswara Mahila Cooperative Urban Bank Ltd., Puttur, Andhra Pradesh
Case Brief
The Reserve Bank of India cancelled the licence of Sree Swamy Gnanananda Yogeeswara Mahila Cooperative Urban Bank Ltd., Puttur, Andhra Pradesh under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies). The bank is precluded from transacting banking business, including accepting deposits from the public and allowing withdrawals by cheque, draft, order or otherwise.
RBI cancelled the licence of the cooperative urban bank 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.
Severity Assessment
Licence cancellation is a full operating prohibition and is rated severity 5.
The bank must cease banking operations and cannot accept deposits or permit withdrawals in the ordinary course. Depositors and other counterparties are affected because the institution is no longer permitted to carry on banking business.
Published as Sree Swamy Gnanananda Yogeeswara Mahila Cooperative Urban Bank Ltd., Puttur, Andhra Pradesh
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