Mumbai,
Aug 24: Reserve Bank of India (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 release
said. UNI
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RBI cancels the license of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad, Uttar Pradesh
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