Reserve Bank of India: According to the notification issued by RBI, Reserve Bank of India (RBI) has canceled the license of This bank. RBI has canceled the banking license of Urban Co-operative Bank.
RBI said that Urban Co-operative Bank lacks capital and earning resources due to which the license has been cancelled. This month, RBI has canceled the licenses of many banks due to lack of capital and income source.
License of this bank of UP canceled
The Reserve Bank said it has also requested the Cooperative Commissioner and Registrar of Uttar Pradesh to issue an order to close the bank and appoint a liquidator for the cooperative bank. RBI said that according to the data given by the bank, 99.53 percent of the depositors are entitled to take the full amount of their deposits from DICGC. Explaining the reason behind canceling the license, the Central Bank said that Lucknow Urban Co-operative Bank does not have sufficient capital and earning potential.
Customers will get this much money
Deposit insurance cover of Rs 5 lakh is available on the money deposited by customers in the bank. Your money will not be lost up to Rs 5 lakh, it is provided by Deposit Insurance and Credit Guarantee Corporation (DICGC). DICGC is a subsidiary of the Reserve Bank.
Before this, these banks also canceled their license
A few days ago, RBI has canceled the banking license of Girna Sahakari Bank Limited of Nashik district. RBI canceled the license of Mumbai based Kapol Co-operative Bank Limited this month. Earlier on September 21, RBI had canceled the license of Ananthasayanam Co-operative Bank Limited, Thiruvananthapuram. Apart from this, RBI has recently canceled the licenses of two more banks. These include Mallikarjun Pattana Co-operative Bank of Karnataka and National Co-operative Bank Limited of Bahraich, UP.
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