These days, it appears that the RBI is being very severe with regard to banks. Currently, another bank’s licence has been revoked by the Reserve Bank. Another bank has been ordered to close by the RBI (RBI cancelled licence), which may cause issues for the clients who hold accounts there.
Which bank’s authorization was revoked by RBI?
Let us inform you that the Nashik District Girna Cooperative Bank Limited’s banking licence was revoked by the RBI. The bank’s insufficient capital and earning potential are the cause of this. This information has been provided by RBI.
Closed banking facilities
In a statement, the Reserve Bank of India stated that the bank is immediately forbidden from engaging in “banking” activities, such as accepting deposits and repaying deposits, as a result of the license’s cancellation.
There is a plan to shut down a lot more banks as well.
Additionally, it stated that an order to liquidate the bank. Appointing a liquidator for the bank had been requested by the Commissioner and Registrar of Cooperatives in Maharashtra. Each depositor shall be entitled to receive from the Deposit Insurance. Credit Guarantee Corporation (DICGC) a deposit insurance claim value of up to Rs. 5 lakh of his savings upon liquidation.
RBI presented data.
According to data held by the bank, 99.92% of depositors are eligible to retrieve their full deposits from DICGC, according to the Reserve Bank.
A cooperative bank is not profitable.
Based on the consent from the relevant bank depositors, DICGC has already paid Rs 16.27 crore of the entire protected deposits. According to the Reserve Bank, the cooperative bank has not complied with the terms of the 1949 Banking Regulation Act since it lacks sufficient capital and earning potential.
Additionally, The Kapol Bank’s licence has been revoked.
‘The Kapol Co-operative Bank Limited’ of Mumbai has had its licence revoked by the Reserve Bank of India (RBI). Since there is no earning potential and insufficient capital. According to the central bank, the bank, RBI, has made this choice.
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