The Reserve Bank of India (RBI) on Wednesday said it has canceled the license of Sumerpur Mercantile Urban Co-operative Bank, based in Pali, Rajasthan.
The Reserve Bank of India (RBI) has taken strict action against another bank. The Central Bank has canceled the license of a co-operative bank. The RBI on Wednesday said it has canceled the license of Sumerpur Mercantile Urban Co-operative Bank, based in Pali, Rajasthan. The reason for this is that this bank does not have sufficient capital and earning potential.
What did RBI say?
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 the deposit insurance claim amount of up to Rs five lakh of his deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
The Reserve Bank said, “As per the bank’s data, 99.13 percent of the depositors are entitled to receive the full amount of their deposits from DICGC.” Giving the reason for canceling the license, the Reserve Bank said that Sumerpur Mercantile Urban Cooperative Bank. There is not enough capital and earning potential.
Sales of listed private non-financial companies grew 5.5% in third quarter
Sales of listed private non-financial companies grew 5.5 percent in the quarter ending December 2023. Due to this, sales had increased by 4.4 percent in the previous quarter. The Reserve Bank released the figures and gave this information.
The Reserve Bank of India (RBI) on Wednesday released data based on the financial results of the private corporate sector for the third quarter of 2023-24. It analyzed the results of 2,842 listed non-government non-financial companies.
