The Reserve Bank of India (RBI), vide order dated April 24, 2025, has cancelled the licence of “Imperial Urban Co-operative Bank Ltd., Jalandhar”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on April 25, 2025. The Registrar of Cooperative Societies, Government of Punjab has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.

The Reserve Bank of India issued Directions under Section 35A read with Section 56 of the Banking Regulation Act, 1949, to Indian Mercantile Co-operative Bank Limited (IMCBL), Lucknow vide Directive DOS.CO.OCCD.185569/12.28.007/2021-22 dated January 28, 2022 for a period of six months upto July 27, 2022, as modified from time to time, which were last extended upto April 27, 2025 vide Directive DOR.MON/D-94/12.28.007/2024-25 dated January 16, 2025. The Reserve Bank of India is satisfied that in the public interest, it is necessary to further extend the period of operation of the Directive beyond April 27, 2025.

The Reserve Bank of India, vide directive CO.DOS.SED.No.S592/45-11-001/2024-25 dated April 23, 2024, had placed the Konark Urban Co-operative Bank Ltd., Ulhasnagar, under Directions from the close of business on April 23, 2024, for a period of six months. The validity of the directions was extended from time-to-time, the last being up to April 23, 2025.