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RBI cancels licence of Urban Co-op Bank, Sitapur, Uttar Pradesh

Published on December 07, 2023
Current Context: The RBI cancelled the licence of Urban Co-op Bank on December 7, 2023, citing lack of adequate capital and earning prospects.
RBI cancels licence of Urban Co-op Bank, Sitapur, Uttar Pradesh
  • The bank ceased to carry on business with effect from the closing hours on December 7, 2023.
  • The Commissioner and Registrar of Cooperative, Uttar Pradesh has been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
  • Every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a ceiling of ₹ 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
  • As per the data submitted by the bank, 99.98 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.

Question:

Q.1 When was the licence of Urban Co-op Bank, Sitapur, Uttar Pradesh cancelled by the RBI?
a. December 6, 2023
b. December 7, 2023
c. December 8, 2023
d. December 9, 2023

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