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        FEMA & RBI

        RBI cancels Licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh

        September 12, 2014

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        The Reserve Bank of India has, on September 1, 2014, cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, Uttar Pradesh to carry on banking business under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949. As such, the bank is forthwith 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.

        Ajit Prasad

        Assistant General Manager

        Banking licence cancellation bars the bank from carrying on banking business, including acceptance and repayment of deposits. The Reserve Bank of India cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, under the Banking Regulation Act (as applicable to co operative societies) read with the Act's supplementary provisions. As a consequence, the bank is forthwith precluded from transacting the business of banking, including the acceptance and repayment of deposits, and may no longer present itself as entitled to undertake banking operations as defined by the statute.
                          Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
                            Provisions expressly mentioned in the judgment/order text.

                                Banking licence cancellation bars the bank from carrying on banking business, including acceptance and repayment of deposits.

                                The Reserve Bank of India cancelled the licence of The Mirzapur Urban Co-operative Bank Ltd., Mirzapur, under the Banking Regulation Act (as applicable to co operative societies) read with the Act's supplementary provisions. As a consequence, the bank is forthwith precluded from transacting the business of banking, including the acceptance and repayment of deposits, and may no longer present itself as entitled to undertake banking operations as defined by the statute.


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