RBI rejects licence application of Ravikiran Urban Co-operative Bank Ltd. - RBI - Reserve Bank of India
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RBI rejects licence application of Ravikiran Urban Co-operative Bank Ltd.
The Reserve Bank of India, in terms of the powers vested in it under Section 22(2) of the Banking Regulation Act, 1949 (as applicable to Co-operative Societies) has on November 27, 1998 rejected the licence application of the Ravikiran Urban Co-operative Bank Ltd., Mumbai, to conduct banking business in India, in view of its extremely unsatisfactory financial position.
Maureen Shankar
Manager
Press Release:1998-99/723
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