After fining a few banks in the last few days, the Reserve Bank of India (RBI) has now revoked the licence of a cooperative bank. The RBI has revoked the licence of Ichalkaranji, Kolhapur-based Shankarrao Pujari Nutan Nagari Sahakari Bank Limited. The Central Bank has taken this action because it lacks the necessary capital and earning potential.
Entitled to receive from DICGC his full deposit amount
“The bank has stopped banking operations from the close of business on December 4, 2023,” according to an RBI statement. Based on information provided by the bank, 99.85% of depositors have the right to receive their whole deposit amount from the Deposit Insurance and Credit Guarantee Corporation (DICGC). The RBI declared, “The bank does not have sufficient capital and earning potential,” in cancelling the bank’s licence. Given its current financial situation, the cooperative bank will not be able to pay all of its current depositors.
The full deposit amount will be returned to 99.85% of depositors
The Reserve Bank stated that the public interest will suffer if United India Co-operative Bank is permitted to continue operating its banking operations. The bank will not be able to pay all of its present depositors given its current financial situation. Let us inform you that every bank depositor is eligible to receive the full value of his deposit insurance claim, up to a maximum of Rs 5 lakh, under the terms of the DICGC. Based on the information provided by the bank, 99.85% of depositors are eligible to get their whole deposit back.
Additionally, according to information provided by RBI
as of July 24, DICGC had already paid out Rs 41.60 crore in insured deposits in accordance with Section 18A of the DICGC Act, 1961, in accordance with the desires of the individual bank depositors. Four cooperative banks had previously been fined by the Reserve Bank for breaking the regulations. Shri Lakshmikripa Urban Cooperative Bank Limited, Jijamata Mahila Cooperative Bank Limited, Konark Urban Cooperative Bank Limited, and Chembur Citizens Cooperative Bank Limited are these cooperative banks.
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