Reserve Bank of India (RBI) has canceled the license of another bank for insufficient capital and non-compliance of rules. let us know in details>>>>
This time RBI has canceled the license of UP Co-operative Bank, Sitapur. Earlier on December 4, the license of Shankarrao Pujari Nutan Nagari Sahakari Bank Limited, located in Ichalkaranji, Kolhapur, was canceled by the RBI. RBI gave information about this through a press release on 7 December. The bank has stopped doing banking business from December 7, 2023.
You can get an amount up to Rs 5 lakh
After the order of the Reserve Bank, depositors will be able to get an amount up to Rs 5 lakh. This money will be given under DICGC cover. Under this, 98.32 percent depositors will get their entire money. This decision was taken by RBI in view of the poor financial condition. RBI has issued an order to the Cooperative Commissioner and Registrar of Uttar Pradesh to close the bank and appoint a liquidator for the bank.
RBI also said that
RBI said that this action is due to insufficient capital and earning prospects. Also said that the survival of the bank may harm the interests of its depositors. RBI also said that the bank will be unable to make full payments to its existing depositors with the current financial condition. If the bank is allowed to carry on its banking business, public interest will be adversely affected.