look news india
RBI imposes restrictions on City Co-operative Bank: The Reserve Bank of India has cancelled the licence of Mumbai-based City Co-operative Bank due to lack of adequate capital and earning capacity. The RBI said it has issued orders to the Cooperative Commissioner and Registrar of Cooperative Societies, Maharashtra to close down the bank and appoint a liquidator. The operations of the cooperative bank have been discontinued from June 19, 2024.
87 percent of owners will get full refund of deposits
Only Rs. 5 lakh of deposits can be refunded to each householder. Most of the 87 per cent owners will get their entire deposits back. Based on the wishes received by DICGC from the respective holders of the bank till June 14, 2024, Rs. 230.99 crore out of the total insured deposits had already been paid.
business ban
The Reserve Bank of India has imposed a moratorium on the Mumbai-based cooperative bank, saying it does not have sufficient capital and earning capacity. Due to the current financial situation, the bank is unable to pay its borrowers in full. It has imposed restrictions on the entire business of the City Co-operative Bank along with cancellation of liens to avoid adverse effect on public interest.
