The Hindu Business Line : Bellampalli co-op bank licence cancelled

HYDERABAD: The Reserve Bank of India has cancelled the licence of the Bellampalli Co-operative Urban Bank Ltd located at Bellampalli in Andhra Pradesh to carry on banking business.

In a press release, the RBI said the co-operative urban bank was precluded from transacting the business of `banking' as defined in the Banking Regulation Act, 1949 (as applicable to Co-operative Societies). The Bellampalli bank was prohibited from accepting deposits from public and allow withdrawals by cheque, draft, order or otherwise.

According to the RBI Manager, Mr P.V. Sadanandan, the Apex Bank has cancelled the licence under Section 22 of the Banking regulation Act, 1949 (as applicable to Co-operative Societies), the release said.

More Stories on : Co-operatives | RBI & Other Central Banks | Andhra Pradesh

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
Bajaj Capital hires Madison Creative

Forex market intervention for transition economies

Rupee firms up; bonds decline

SBI Life plans unit-linked product

Pooling strengths of reinsurers in the region — GIC working on pan-Asian platform

RBI dividend transfer

ICICI Bank moves credit cards creative account

Call rates surprise market

Repo rate hike in the offing

Corporate governance norms for insurers soon

Bank TUs for limited transfers; strike plan stands

Bellampalli co-op bank licence cancelled