RBI canceled the license of this bank, customers will be able to withdraw cash only up to Rs 50,000.
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New Delhi (Best Hindu News): The Reserve Bank of India has canceled the banking license of the United India Co-operative Bank Limited of Uttar Pradesh. The United India Co-Operative Bank Limited is a Co-Operative Bank. RBI has taken this decision keeping in mind the safety of the customers. Now there will be no work in this bank.
Now neither money will be deposited nor cash can be withdrawn in this bank. Indeed, the United India Co-operative Bank Limited failed to comply with the requirements of 22(3) (A), 22(3) B, 22 (3) C, 22 (3) (D) and 22 (3E) of the Banking Regulation Act. RBI has taken this decision due to lack of sufficient capital and earning capacity of the bank. The bank has also issued orders to the co-operative commissioner and registrar. Along with this, a liquidator has also been appointed by RBI for this.
RBI has said that the bank cannot give full money to the customers due to its financial condition. In such a situation, the bank’s customer depositor can withdraw money only up to Rs 50 thousand from the Deposit and Credit Guarantee Corporation (DIGCS) under the rules.
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