RBI cancels Purvanchal Co-operative Bank's license in Uttar Pradesh due to inadequate capital.
The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh due to inadequate capital and earning prospects. The bank has been ordered to stop banking operations, and the Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh, has been asked to wind up the bank and appoint a liquidator. Depositors are entitled to receive deposit insurance claim amounts of up to ₹5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
June 17, 2024
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