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RBI Canceled Banking License: The action of Reserve Bank of India continues in October also. On October 4, RBI has canceled the license of another cooperative bank.
From Thursday, Nagar Urban Co-operative Bank Ltd, based in Ahmednagar, Maharashtra, will not be allowed to accept deposits and repay deposits.
RBI told the bank harmful for customers
Regarding cancellation of banking license, the Central Bank has requested the Co-operative Societies, Ministry of Co-operation, Government of India as well as the Secretary and the Central Registrar to issue orders.
According to RBI, there is no possibility of further shortage of sufficient capital after this bank. It also failed to comply with the provisions of the Banking Regulation Act. If it gets permission for business, it will be harmful for bank depositors. Besides, public interest will also be affected.
Customers will be able to withdraw this much money
The Reserve Bank said that the bank in its current situation is not able to make full payments even to the existing depositors. However, under DIGC rules, each customer can claim up to Rs 5 lakh on their deposits. 95.15% customers are entitled to receive their full amount. Whereas till March 31, 2023, the bank has paid Rs 294.85 crore.
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