It is hereby notified for the information of the public that the Reserve Bank of India (RBI) has cancelled vide order dated March 30, 2017, the licence of The Mercantile Urban Co-operative Bank Ltd., Meerut, to 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. As such, 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.

Ajit Prasad
Assistant Adviser

Press Release: 2016-2017/2661