The RBI provides several directives to the involved banks. Banks are subject to penalties if they fail to follow these rules. The Central Bank recently revoked a bank’s licence. The bank was shut down as a result on September 22, 2022.
The RBI revoked the banks’ licences.
The subject of the failure of two major banks in America is currently under discussion. The RBI revoked the banks’ licences. In America, Silicon Valley Bank and Signature Bank declared bankruptcy. Investors all across the world are now more worried as a result. But do you recall that the Reserve Bank of India recently revoked a bank’s licence? The consumers were then given a date to withdraw their funds and complete any outstanding bank-related tasks.
Many forms of bank instructions
The RBI issues several directives to the affected banks. Banks are subject to penalties if they fail to follow these rules. Yet, the Central Bank recently revoked a bank’s licence. The bank was shut down as a result on September 22, 2022.
The cooperative bank’s licence was revoked by RBI
In August 2022, the RBI has made the decision to revoke Rupee Co-operative Bank Limited’s licence. Following this, the bank stopped offering financial services starting on September 22, 2022. Following that, individuals immediately withdrew their deposits from the bank. Nonetheless, some consumers were still unable to withdraw their funds.
Why the licence was revoked?
At that time, the Reserve Bank (RBI) had announced that the bank would cease operations on September 22, 2022. After then, consumers won’t be able to make deposits or withdrawals of cash. You won’t be able to conduct any other types of financial transactions aside from this. The RBI informed the bank that it lacked adequate capital and future earning potential. The bank’s licence is being revoked as a result.
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