At a time when getting a banking license has been tough as well as expensive (Rs 300-400 crores) one of the UCBs in cooperative sector Mahamedha Urban Co-operative Bank has lost it. The Ghaziabad based UCB has been closed from 22nd August 2017 onwards.
In a press release the regulator said” Reserve Bank of India has cancelled the license of Mahamedha Urban Co-operative Bank Ltd., Ghaziabad”. RBI’s order for the closure of the urban cooperative bank is dated August 11, 2017.
“The UCB cannot carry on banking business under section 22 of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) read with Section 56 of the Banking Regulation Act, 1949 with effect from close of business on August 22, 2017”, reads a RBI press release.
The bank is precluded from transacting the business of ‘banking’ as defined in Section 5(b) of the Banking Regulation Act, 1949 (As applicable to Co-operative Societies) including acceptance/ repayment of deposits, forthwith, the release read.
The statutory inspection conducted by the Reserve Bank of India in the past revealed many irregularities and violations.
How to get back our deposited money from Mahamedha Bank
Dear Concern Authority,
I have a saving account in Mahamedha urban co-operative bank Ltd at Sanjay Nagar branch, Ghaziabad where I have deposited my savings income and from last thirteen months, I am unable to withdraw my money due to that I was facing heavy financial burden and now even bank licence has been cancelled by RBI. I am in very depressing state and don’t now who we can get our deposited money.
I would request you to please take corrective measures to refund our money.
Regards,
Pradeep Singh
(Accont No. 1004005000439, Mahamedha Urban Co-operative Bank Ltd., ghaziabad, up)
Mobile no. – +91-7838924372