BREAKING NEWS
Bengaluru: Tension at railway station over consignment of meat
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Salman residence firing: NBW issued against Lawrence Bishnoi’s brother
Brindavan Gardens in Karnataka to be developed like a fantasy park at a cost of Rs 2,663 crore
Karnataka govt. decides to rename Ramanagara district as Bengaluru South
BJP’s charges against CM are part of conspiracy against Congress govt: D K Shivakumar
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Mound-burial system of Ahom dynasty in Assam included in UNESCO World Heritage List
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Heavy Rain: Holiday for schools in Udupi’s Hebri Taluk
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Revised NEET-UG results declared
Rashtrapati Bhavan’s ‘Durbar Hall’ renamed ‘Ganatantra Mandap’, ‘Ashok Hall’ becomes ‘Ashok Mandap’
RBI cancels the licence of Pune’s Rupee Co-operative Bank
PTI, Aug 11, 2022, 4:09 PM IST
PTI Photo
New Delhi: The Reserve Bank of India on Wednesday said it has cancelled the licence of Pune-based Rupee Co-operative Bank Ltd as the lender does not have adequate capital and earning prospects.
However, the RBI said that in compliance with an order of the High Court of Bombay, its direction will become effective after six weeks from Wednesday.
“Consequently, the bank will cease to carry on banking business, with effect from September 22, 2022,” it said.
As per the data submitted by the cooperative bank, more than 99 percent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).
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