Reserve Bank of India (RBI) has cancelled the license of People’s Co-operative Bank Limited, Kanpur, Uttar Pradesh as the bank failed to adhere to the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d) and 22(3)(e) – under Section 56 of the Banking Regulation Act, 1949. The bank is found to lack adequate capital and earning prospects under the provisions of Section 11(1) and Section 22 (3) (d) – under Section 56 of the Banking Regulation Act, 1949 – ‘Act to apply to co-operative societies subject to modifications’.
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The bank is prohibited from continuing its ‘banking’ business such as acceptance of deposits and repayment of deposits as defined in Section 5(b) as mentioned in Section 56 of the Banking Regulation Act, 1949 with effect from the close of business on March 21, 2022.
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