All. HC: No Authority to Additional Chief Medical Officer to File Complaint Under PCPNDT Act  ||  Kar. HC: Cannot Prosecute Second Spouse or Their Family for Bigamy Under Section 494 IPC  ||  Calcutta High Court: Person Seeking to Contest Elections is Deemed Public Interest  ||  Mad HC: In Absence of Prohibitory Order u/s 144 CrPC People Assembling and Demonstrating Not Offence  ||  Bom. HC: Legal Action to be Taken Against Doctor for Gross Negligence in Conducting Postmortem  ||  Bom. HC: Husband Directed to Pay Wife Compensation of Rs. 3 Crore for DV & Calling Her ‘Second-Hand’  ||  Delhi High Court Declines Relief to Chief Minister Arvind Kejriwal in Liquor Policy Scam Case  ||  Bom. HC: Banks to Show Evidence to Borrowers Before Invoking Circular on Wilful Default  ||  Calcutta HC: Husband and Wife Collectively Responsible for Creating Congenial Atmosphere  ||  Madras High Court: Hostel Services for Girl Students and Working Women Exempted from GST Regime    

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 2024 - All Rights Reserved