The Reserve Bank of India has cancelled the licence of The Friends' Co-operative Bank Ltd., Mumbai, Maharashtra to carry on banking business in India. The bank is precluded from transacting the business of `banking' as defined in the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) and it will not be in order for it, among other things, to accept deposits from public and allow withdrawal by cheque, draft, order or otherwise. P.V. Sadanandan
Asst. Manager Press Release: 2001-02/127 |