RBI cancels licence of Pune based Shri Chhatrapati Urban Co-operative Bank Ltd

Mumbai, Feb 14 (KNN) Reserve Bank of India (RBI) has cancelled the licence of Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra, after which the bank has been prohibited from carrying any banking business.

In a press release, RBI said, “The Reserve Bank of India has cancelled vide order dated February 01, 2017 the licence of Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra to carry on banking business under section 22 of the Banking Regulation Act, 1949”.

It said the bank is precluded from transacting the business of ‘banking’ as defined under Section 5 (b) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) including acceptance / repayment of deposits, from the close of business of February 07, 2017.

Last week, RBI had cancelled certificate the banking licence of The State Transport Employees Co-operative Bank Ltd., Ahmedabad (Gujarat) after which the bank has been barred from transacting the business of “Banking”. (KNN Bureau)