The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Reserve Bank also imposed penalty 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. Reserve Bank has also imposed penalty 114 times on these banks for not following the rules. Let us tell you that banking service has expanded rapidly in rural areas through co-operative banks. But due to the irregularities coming to the fore in these banks, RBI had to take drastic steps.

Allegations of negligence in rules

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on co-operative banks, which are negligent in the rules. Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI?

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Licenses of these banks were canceled

1. Mudhol Co-operative Bank
2. Milath Co-Operative Bank
3. Shree Anand Co-Operative Bank
4. Rupee Co-operative Bank
5. Deccan Urban Co-operative Bank
6. Laxmi Co-operative Bank
7. Sewa Vikas Co-operative Bank
8. Babaji Date Mahila Urban Bank

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, non-compliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities. Co-operative banking sector is being monitored by RBI for the last several years. The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

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At the same time, Small Finance Banks are giving interest of 8.50 percent for common people to senior citizens. Although some small finance banks are giving up to 9 percent interest for senior citizens.

FD investment can be a good option for some people, but experts believe that FD rates may increase further. In such a situation, if you are also thinking of investing in these small finance banks for 9 percent interest, then know what you should do, so that no problem arises. 

Which banks are giving interest up to 9 percent 

• Suryoday Small Finance Bank is giving 8.51 percent interest to common people and 8.76 percent to senior citizens on 999 days FD.
• Unity Small Finance Bank is giving 8.50 percent interest to common people and 9.00 percent interest to senior citizens on 181 and 501 days.
• Ujjivan Finance Bank is paying 8.20% interest on deposits with a tenure of 560 days.
• ESAF Small Finance Bank is giving 8% interest to common people and up to 8.50% to senior citizens on 999 days FD.
• Utkarsh Small Finance Bank is paying 8.25 per cent interest for general citizens and 9 per cent interest for senior citizens on 700 days FD. 

Keep these things in mind before investing 

If you are planning to invest in these small finance banks, then you should pay special attention to some things. Before taking the risk, it should be checked whether this bank is in trouble or not. Up to Rs 5 lakh is insured under the Deposit Insurance Scheme of RBI. In this insurance you get both the principal amount and the interest. If you invest in it, you can also take additional insurance.

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RBI said on Tuesday that it will bring a pilot project for Retail Central Bank Digital Currency (CBDC) from 1 December. RBI said that the digital rupee will be in the form of a digital token, which will be legal tender. RBI has said that it will launch the first tranche for retail digital rupee (e₹-R) on December 1.

RBI also informed that the digital rupee will be issued in the same denomination in which paper currency and coins are currently issued. That is, the value of the note will be equal to the digital rupee. RBI said that on December 1, this test will be done at selected places in the Closed User Group (CUG). This will include both the customer and the bank merchant.

Transaction through digital wallet

Users will be able to transact with e-R (e₹-R) through digital wallet offered by participating banks and stored on the mobile phone. RBI said that transactions can be both Person to Person (P2P) and Person to Merchant (P2M). At the same time, merchants can be paid using the QR code at the merchant establishments.

These four banks will be involved in this trial of retail use of digital rupee Four banks including State Bank of India and ICICI Bank will be involved. This test will be done in Delhi, Mumbai, Bangalore and Bhubaneswar. The digital rupee will be distributed through banks and users will be able to transact in e-rupee through digital wallets offered by banks participating in the pilot test.

RBI said that this digital rupee will be equipped with the qualities of trust, security and final solution to the holder just like traditional cash currency. Like cash, the holder of digital rupee will not get any interest and it can be used for deposits with banks.

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