RBI cancels licence of Hiriyur Urban Co-op bank with immediate effect!
Banking & Finance
“The (RBI), vide order dated January 12, 2024, has cancelled the licence of “The Hiriyur Urban Co-operative Bank Ltd., Hiriyur”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024,’‘ said a bank statement.The Reserve Bank of India (RBI), vide order dated January 12, 2024, has cancelled the licence of “The Hiriyur Urban Co-operative Bank Ltd., Hiriyur”. Consequently, the bank ceases to carry on banking business, with effect from the close of business on January 12, 2024.
The bank does not have adequate capital and earning prospects. As such, it does not comply with the provisions of Section 11(1) and Section 22 (3)(d) read with Section 56 of the Banking Regulation Act, 1949.
The bank has failed to comply with the requirements of Sections 22(3)(a), 22 (3)(b), 22(3)(c), 22(3)(d) and 22(3)(e)
About Reserve Bank of India:
Governor: Shaktikanta Das, Founded: 1 April 1935, Kolkata
Founder: British Raj, Headquarters: Mumbai, Maharashtra, India
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