The Reserve Bank of India (RBI) said that it has canceled the license of Sumerpur Mercantile Urban Co-operative Bank based in Pali, Rajasthan. This is because this bank does not have sufficient capital and earning potential.
The Reserve Bank of India (RBI) has canceled the license of a bank in Rajasthan. RBI has canceled the license of Sumerpur Mercantile Urban Co-operative Bank located in Pali, Rajasthan. The reason for this is that this bank does not have sufficient capital and earning potential. The Registrar of Co-operative Societies, Rajasthan, has also been requested to issue an order to close the bank and appoint a liquidator, the Reserve Bank said in a statement.
On liquidation, every depositor will be entitled to receive deposit insurance claim amount of up to Rs 5 lakh of his deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC). The Reserve Bank said that as per the bank’s data, 99.13 percent of the depositors are entitled to receive the full amount of their deposits from DICGC. Citing the reason for canceling the license, the Reserve Bank said that Sumerpur Mercantile Urban Cooperative Bank has adequate capital and There are no earning possibilities.
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