Mirzapur Urban Co-operative Bank Ltd., Mirzapur

RBI cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh on September 1, 2014. The bank can no longer conduct banking business or accept/repay deposits.

The bank must stop banking operations forthwith. Depositors and other customers are affected because the institution can no longer accept new deposits or repay deposits through normal banking operations; the order has immediate operational effect from September 1, 2014.

• Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949
• Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies)

RBI extended the existing directions on Mirzapur Urban Co-operative Bank Ltd. for one more month. The terms remain unchanged and the order is subject to review.

The bank remains subject to the same RBI-imposed operational restrictions for the extension period, with no change in the conditions already in force. Customers and depositors continue to be affected by the ongoing directions until September 11, 2014, unless reviewed or modified earlier.