- The Independence Co-operative Bank Ltd. is based in Nashik, Maharashtra.
- The reason behind the cancellation of the license is that the bank was not having adequate capital and earning prospects.
- It was not abiding by the norms of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
- Therefore, the bank was asked to stop its operation from 3rd Feb 2022.
- The depositors will receive Rs 5 lakhs from Deposit Insurance and Credit Guarantee Corporation (DICGC), after the bank’s liquidation.
- More than 99% of the depositors will receive the full amount of their deposits from DICGC.
RBI Cancelled the License of Independence Co-operative Bank Ltd.
Published on February 05, 2022
Current Context: The Reserve Bank of India has canceled the license of Independence Co-operative Bank Ltd.
Labels:
Banking
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