SC: Appeal U/S 374 CrPC/415 BNSS is Not Maintainable Against Sessions Court's Reversal of Acquittal  ||  SC Asked the Centre to Promote Awareness About the Consequences of Driving With an Expired Licence  ||  SC Explains How a Deceased Christian Wife's Property Devolves under the Indian Succession Act  ||  Supreme Court: Reach Stacker isn't a Motor Vehicle; MACT Claim Not Maintainable  ||  Supreme Court: Lift Makers, Operators and Owners Share Responsibility for User Safety  ||  Patna HC: Pressure to Sign Divorce and Child Custody does not Amount to Cruelty  ||  Bombay HC: Externment under the Police Act Requires Satisfaction About a Gang's Activities  ||  Bombay HC: False Travel Distance Claim Alone Doesn't Constitute Misappropriation  ||  J&K&L High Court: Interest on Delayed Gratuity is Not a Mandatory Pre-Deposit For an Appeal  ||  Meghalaya HC: Meritorious Candidate Cannot Be Denied Admission For a Two-Minute Delay    

Cancellation of licence to carry on banking business in India and, conversion of Urban Co-operative Bank into a Co-operative Society- (Reserve Bank of India) (10 Aug 2016)

MANU/RPRL/0195/2016

Banking

Reserve Bank of India has cancelled the licence of Shri Yugprabhav Sahakari Bank Ltd., Vadodara (Gujarat) vide order dated June 29, 2016. In view of the unsatisfactory financials and compliance record, the bank was advised to go out of purview of the B R Act, 1949 (AACS) and convert into a Co-operative Society. The bank has fulfilled all the conditions stipulated in Section 36(A)(2) of the Act ibid to allow for its conversion into Shree Yugprabhav Cooperative Society Ltd. Accordingly, bank has ceased to be a "Co-operative bank" as defined in Section 5 (cci) of Banking Regulation Act, 1949 read with Section 56 of Act and all provisions of the said Act applicable to the said co-operative bank shall cease to apply to it. The bank has been prohibited from carrying on banking business in India under Section 22 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies). As such, the bank is precluded from transacting the business of "Banking" as defined in Section 5(b) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) including acceptance / repayment of deposits.

Tags : LICENCE   CANCELLATION   BANKING BUSINESS  

Share :        

Disclaimer | Copyright 2026 - All Rights Reserved