RBI rejects licence application of the Narasaraopet Co-operative Urban Bank Ltd., Narasaraopet - RBI - Reserve Bank of India
79563723
Published on June 13, 2003
RBI rejects licence application of the Narasaraopet Co-operative Urban Bank Ltd., Narasaraopet
The Reserve Bank of India under Section 22 of the Banking Regulation Act, 1949 has rejected the licence application of the Narasaraopet Co-operative Urban Bank Ltd., Narasaraopet, Guntur District (Andhra Pradesh) to carry on banking business. The bank is precluded from transacting the business of `banking' as defined in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies).
As such, it will not be in order for the above bank, among other things, to accept deposits from public and allow withdrawal by cheques, draft, order or otherwise.
Ajit Prasad
Manager
Press Release : 2002-2003/1280
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