The Reserve Bank cancels licence of The Star Cooperative Urban Bank Ltd. - RBI - Reserve Bank of India
79530291
Published on January 16, 2003
The Reserve Bank cancels licence of The Star Cooperative Urban Bank Ltd.
The Reserve Bank of India has cancelled the licence of The Star Cooperative Urban Bank Ltd., Dilsukhnagar, Hyderabad (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) and it will not be in order for it, among other things, to accept deposits from the public and allow withdrawals by cheque, draft, order or otherwise.
P. V. Sadanandan
Manager
Press Release : 2002-2003/754
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