The Reserve Bank of India has, on January 20, 2015, cancelled the licence of United Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh to carry on banking business. As such, the bank cannot transact 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. The licence was cancelled under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949.

Ajit Prasad

Assistant General Manager

Cancellation of banking licence bars the bank from conducting banking business, including acceptance or repayment of deposits. Cancellation of banking licence of United Commercial Co-operative Bank Ltd., Kanpur renders the institution unable to carry on the business of banking, including acceptance or repayment of deposits. The regulatory action was taken under statutory powers to withdraw a co-operative bank's licence and requires the bank to cease accepting deposits and conducting other banking operations effective from the date of cancellation.