Once the Reserve Bank of India (RBI) has revoked the licence of another bank for failing to follow the guidelines. This time, the RBI has revoked the cooperative bank United India Cooperative Bank Ltd’s licence. This action was made because the bank lacks sufficient capital and is anticipated to have lower earning potential.
Can receive deposits up to Rs. 5 lakhs.
According to a statement released by the RBI, the bank would be unable to conduct business as of Wednesday evening as a result of the licence being cancelled. Every depositor will be eligible to receive their funds under an insurance claim from the Deposit Insurance and Credit Guarantee Corporation (DICGC), according to the central bank, up to a maximum of Rs 5 lakh. Let us inform you that DICGC insures each account holder’s bank deposits up to Rs 5 lakh. The DICGC insurance programme covers deposits held by all banks, including commercial banks, local area banks, regional banks, and cooperative banks.
RBI – Five cooperative banks have had their licences revoked so far
Five cooperative banks have had their licences terminated by the RBI so far this fiscal year. All five banks’ licences were revoked in the month of July alone. The Shri Sharda Mahila Sahakari Bank in Tumkur, Karnataka, and the Harihareshwar Bank in Satara, Maharashtra, had already come under attack from the central bank on July 11. On the other side, as of July 5, the banking licences of the Sushruti Souharda Sahakar Bank Regular in Bengaluru and the Malkapur Urban Cooperative Bank Limited in Buldhana were revoked.
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