RBI canceled the license of Rupee Co-Operative Bank.

rupee cooperative bank news
rupee cooperative bank news
rupee cooperative bank news

RBI canceled the license of Rupee Co-Operative Bank. From now on the bank will not do business, many of you do not have an account in the co-operative bank, so withdraw money quickly. September 22 is the last date.

“Rupee Sahakari Bank Ltd., Pune has been canceled from its license and is now prohibited from carrying on the business of “Banking”. This includes acceptance and repayment of deposits as per clause. 5(b) and section 56 of the Act. The Banking Regulation Act RBI issued a press release stating that, 1949 will come into force on September 22, 2022.

This is why the central bank decided to cancel the license

  • , Sufficient capital and earning potential. Hence it is not in compliance with section 11(1) and section 22, (3)(d), section 56, read with the Banking Regulation Act, 1949
  • , The bank has failed to comply with sections 22(3), (a), 2 2(3), (b), 22(3), (c), 22(3) and 22(3) (d) , as well as the Banking Regulation Act 1949
  • of section 56. The interests of the depositors are at stake if the bank continues to exist
  • A bank in its present financial position will not be able to pay its depositors in full.
  • If the bank is allowed to continue with its banking business, it will adversely affect the public interest.

RBI directed the bank to provide full amount of their deposits to all the depositors. DICGC. It states that “every depositor shall have the right to receive.” Deposit Insurance Deposit Insurance allows you to claim up to 5,00,000.00/- (Rupees five million only) of your deposit amount. Credit Guarantee Corporation on Liquidation

Based on the wishes of the depositors, DICGC had already paid Rs 700.44 crore out of the total insured deposits as per Section 18A of the DICGC Act, 1961.

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