Reserve Bank of India is satisfied to notify The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala as a non-banking Institution under Section 36 A(2) read with section 56 of the Banking Regulation Act, 1949.
Accordingly, RBI has cancelled the banking licence dated January 03, 1987 granted to The Adoor Co-operative Urban Bank Ltd, Adoor, Kerala to carry on banking business in India under Section 22 read with section 56 of the Banking Regulation Act,1949 with effect from the close of business on April 24, 2023.
This makes it obligatory on the part of The Adoor Co-operative Urban Bank Ltd, Adoor to stop conducting the business of ‘banking’ within the meaning of section 5(b) of the Act ibid, including acceptance of deposits from non-members with immediate effect.
Further, The Adoor Co-operative Urban Bank Ltd, Adoor, shall ensure to repay unpaid and unclaimed deposits of non-members held by it, whenever demanded, even after being notified as non-banking Institution.