- The license of Pune-based Seva Vikas Co-operative bank has been revoked due to its insufficient capital.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
a. 7
b. 9
c. 5
d. 6
