RBI cancels Licence of United Commercial Co-operative Bank Ltd., Kanpur

The Reserve Bank of India has, on January 20, 2015, cancelled the licence of United Commercial Co-operative Bank Ltd., Kanpur, Uttar Pradesh to carry on banking business. As such, the bank cannot transact the business of 'banking' as defined in Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies), including acceptance/repayment of deposits. The licence was cancelled under Section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of Banking Regulation Act, 1949.

Ajit Prasad

Assistant General Manager