PRAGUE, Oct 24 (Reuters) - The Czech central bank said on Monday it had withdrawn the licence of ERB, a small Russian-owned bank operating in the Czech market.

The market regulator cited non-functioning control systems and buying bonds in violation of the law as the main reasons for the revocation. It said it would submit a court proposal for naming a liquidator of ERB.

The central bank had said on Oct. 11 that ERB had failed to meet obligations and depositors could claim compensation for losses from the national deposit insurance scheme. (Reporting by Jason Hovet; editing by Jason Neely)