RBI cancels licence of Dhana Cooperative Urban Bank
By Our Banking Bureau | 25 Apr 2003
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Mumbai: The Reserve Bank of India (RBI) has cancelled the licence of Dhana Cooperative Urban Bank Ltd, Eluru, 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 cooperative societies) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawals by cheque, draft, order or otherwise.
The RBI has cancelled the licence under Section 22 of the Banking Regulation Act, 1949, (as applicable to cooperative societies).
