RBI Cancels License - Newz Villa

Regulatory Action: RBI Penalizes 4 Co-operative Banks, Cancels License of 1

4 mins read

India

Regulatory Action: RBI Penalizes 4 Co-operative Banks, Cancels License of 1

08/12/2023 dheeraj0Tagged 2023, Co-operative Banks, December 8, Deposit insurance, Deposit Insurance and Credit Guarantee Corporation (DICGC), Insufficient capital and earning potential, License cancellation, Monetary penalties, Non-compliance with regulations, Public interest, RBI, RBI cancels license, Sitapur, U.P. Bank Shut Down, Urban Co-operative Bank Ltd, Urban Co-operative Bank Sitapur, Uttar Pradesh

Regulatory Action: RBI Penalizes 4 Co-operative Banks, Cancels License of 1 The Reserve Bank of India (RBI) has taken decisive action against five co-operative banks for various regulatory violations. While four banks received monetary penalties, the license of one bank has been cancelled. Four co-ops have been hit with financial fines by the Reserve Bank […]

U.P. Bank Shut Down: RBI Cancels License of Urban Co-op Bank

4 mins read

Uttar Pradesh

U.P. Bank Shut Down: RBI Cancels License of Urban Co-op Bank

08/12/202308/12/2023 dheeraj0Tagged 2023, Banking sector, Co-operative banking sector, December 8, Deposit insurance, Depositors, DICGC, Financial Crisis, Inadequate capital, Liquidator, Lucknow, No earning prospects, Non-compliance with Banking Regulation Act, Public interest, RBI action, RBI cancels license, Regulations, Sitapur, State Government, U.P. Bank Shut Down, Urban Co-operative Bank Ltd, Uttar Pradesh, Winding up

U.P. Bank Shut Down: RBI Cancels License of Urban Co-op Bank In a major development, the Reserve Bank of India (RBI) has canceled the banking license of Urban Co-operative Bank Ltd., Sitapur, Uttar Pradesh, with immediate effect. The decision was announced on Friday, December 8, 2023, and has sent shockwaves through the state’s cooperative banking […]