The Reserve Bank of India, in terms of the powers vested in it under Section 22(2) of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) has on November 27, 1998 rejected the licence application of the Ravikiran Urban Co-operative Bank Ltd., Mumbai, to conduct banking business in India, in view of its extremely unsatisfactory financial position.

Maureen Shankar
Manager