RBI cancels licence of the Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka - ਆਰਬੀਆਈ - Reserve Bank of India
80404291
ਪ੍ਰਕਾਸ਼ਿਤ ਤਾਰੀਖ ਜੂਨ 04, 2003
RBI cancels licence of the Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka
The Reserve Bank of India has cancelled the licence of Sri Mouneshwar Cooperative Bank Ltd., Gulbarga, Karnataka 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) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawals by cheque, draft, order or otherwise.
The Reserve Bank has cancelled the licence under Section 22 of the Banking regulation Act, 1949 (as applicable to Co-operative Societies).
P. V. Sadanandan
Manager
Press Release : 2002-2003/1238
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