Lucknow, May 20: The Reserve Bank of India (RBI) has canceled the license of Lucknow-based HCBL Co-operative Bank associated with many people in Uttar Pradesh for not following banking rules.
Official information has been shared by RBI.
Regarding the cancellation of the license of HCBL Co-operative Bank, RBI said that HCBL Co-operative Bank does not have enough capital to work. Nor is there any possibility of its working in the future. The co-operative bank has not followed the rules of the Banking Regulation Act 1949. Therefore, taking strict action against the bank, its license is canceled. Along with this, all the activities of the bank like accepting deposits, withdrawals etc. have been stopped with immediate effect.
