RBI cancels license of Mahamedha Urban Co-operative Bank

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The Reserve Bank of India (RBI) has canceled the license of city based Mahamedha Urban Co-operative Bank barring the bank from carrying any banking business. In a notification the central bank said, “RBI has cancelled vide order dated August 11, 2017, the license of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, to carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on August 22, 2017.”

As such, the bank is precluded from transacting 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, forthwith, RBI added.

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