Mumbai, Sept 13: Reserve Bank of India has cancelled the licence of Hyderabad-based Vasundara Co-operative Urban Bank Ltd to carry on banking business, effective September eight. The bank has been barred from accepting deposits from public and allowing withdrawals by cheque, draft or otherwise, RBI said in a release here today.
The apex bank has cancelled the licence under Section 22 of the Banking Regulation Act, 1949 (as applicable to co-operative societies), the release added. Bureau Report