This bank will close its business from September 22

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RBI
RBI

This bank will close its business from September 22

According to RBI, the bank will stop doing its business from September 22. In such a situation, customers will neither be able to deposit nor withdraw money.
RBI has so far canceled the license of many banks and financial institution. At the same time, recently RBI has canceled the license of another bank, after which the bank will have to close its business from this month.

In fact, in August, the RBI had decided to cancel the license of Pune-based Rupee Sahakari Bank Limited (Rupee Sahakari Bank Limited). After this decision of RBI, the banking services of this bank will be closed from 22 September.

According to RBI, the bank will stop doing its business from September 22. In such a situation, customers will neither be able to deposit nor withdraw money. Explain that the banking license of Rupee Co-Operative Bank was canceled because the bank does not have sufficient capital and earning prospects.

According to RBI, it does not comply with the provisions of Section 11(1) and Section 22(3)(d) of the Banking Regulation Act, 1949 as well as Section 56. The bank has failed to comply with the requirements of sections 22(3)(a), 22(3)(b), 22(3)(c), 22(3)(d) and 22(3)(e) . Subject to the provisions of the DICGC Act, 1961, each of the depositors shall be entitled to receive a deposit insurance claim amount up to ₹ 5,00,000 (Rupees five lakhs). PLC/GT

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