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RBI cancels license of co-operative bank of Pune

Published on October 10, 2022
Current Context: RBI has canceled the license for Seva Vikas co-operative bank of Pune.
RBI cancels license of co-operative bank of Pune
  • The license of Pune-based Seva Vikas Co-operative bank has been revoked due to its insufficient capital.
  • The bank is restricted from banking under section 5 (b) Banking Regulation Act, of 1949.
  • The bank ceased as it ceased to comply with the provisions under sections 11(1) and section 22(3) read with section 56 of the Banking Regulation Act, 1949.
  • According to the data, around 99 percent of the depositors are entitled to receive the full amount of their deposits from DICGC.
  • When liquidation happens, depositors will have to pay Rs. 5 lakh from DICGC under DICGC Act, 1961.

Question:

Q.1 Under which section, Seva Vikas Co-operative bank is restricted from banking?
a. 7
b. 9
c. 5
d. 6
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