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People's Co-operative Bank Limited's licence in Kanpur, Uttar Pradesh, has been revoked by the Reserve Bank of India (RBI) after the bank failed to comply with Sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d), and 22(3)(e) of the Banking Regulation Act, 1949. The bank is deemed to lack suitable capital and earning opportunities under Sections 11(1) and 22(3) (d) of Section 56 of the Banking Regulation Act, 1949 – 'Act to apply to co-operative societies subject to modifications.'

The bank is prohibited from continuing its 'banking' function, such as taking and repaying deposits, as specified in Section 5(b) of the Banking Regulation Act, 1949, as mentioned in Section 56 of the Banking Regulation Act, 1949, as of the close of business on March 21, 2022.

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