It is hereby notified for the information of the public that the Reserve Bank of India has cancelled vide order dated February 01, 2017 the licence of Shri Chhatrapati Urban Co-operative Bank Ltd., Pimple Nilakh, Pune, Maharashtra 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 Banking Regulation Act, 1949. As such, the bank is precluded from transacting the business of ‘banking’ as defined under Section 5 (b) of the Banking Regulation Act, 1949 (As Applicable to Co-operative Societies) including acceptance / repayment of deposits, from the close of business of February 07, 2017.
Ajit Prasad Assistant Adviser
Press Release: 2016-2017/2173
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