RBI revokes Mumbai's City Co-operative Bank license due to insufficient capital and poor earning prospects, ceasing operations by June 19, 2024.
The Reserve Bank of India (RBI) has revoked the license of Mumbai's City Co-operative Bank due to insufficient capital and poor earning prospects. The bank must cease operations by June 19, 2024, and depositors are eligible for claim amounts up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). Of the 87% of depositors, around 91% have already received full deposit payments from DICGC.
June 19, 2024
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