RBI canceled this banks license: Until now, the RBI has revoked the licences of numerous banks and financial institutions. At the same time, the RBI recently revoked the licence of another bank, forcing the bank to shut down its operations as of this month. In fact, the RBI decided to revoke the licence of Pune-based Rupee Co-operative Bank Limited in August. Following the RBI's decision, this bank's banking services will be discontinued from September 22.
Bank will have to shut its business as instructed by the RBI
According to the RBI, the bank will cease operations on September 22. Customers will be unable to deposit or withdraw funds in such a case. Explain that Rupee Co-Operative Bank's banking licence was revoked because the bank lacked sufficient capital and earning potential.
According to the RBI, it violates Sections 11(1) and 22(3)(d) of the Banking Regulation Act of 1949, as well as Section 56. The bank has failed to comply with sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d), and 22(3)(e).
Subject to the provisions of the DICGC Act of 1961, each depositor is entitled to a deposit insurance claim of up to Rs.5,00,000.
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