Mumbai
Reserve Bank of India always takes strict action in the interest of customers and in case of violation of rules. This year RBI has canceled the licenses of 11 banks. These banks have been closed forever. There has also been a ban on accepting deposits and transactions.
While issuing a notice, RBI had termed the operation of all these banks as harmful for the depositors. They did not have the capital and earning potential. In such a situation, many provisions of the Banking Act 1949 are violated. These banks were also unable to repay their depositors due to their financial condition. Therefore, keeping in view the public interest, the licenses of all these banks were cancelled.
License of these banks will be canceled in the year 2024
Durga Co-operative Urban Bank Limited, Vijayawada, Andhra Pradesh
Shri Mahalaxmi Mercantile Co-operative Bank Limited, Dabhoi, Gujarat
The Hiriyur Urban Co-operative Bank Ltd. Hiriyur, Karnataka
Jai Prakash Narayan Nagari Sahakari Bank Limited, Basmathnagar, Maharashtra
Sumerpur Mercantile Urban Co-operative Bank Limited, Sumerpur, Pali Rajasthan
Purvanchal Co-operative Bank Limited, Ghazipur, UP
The City Co-operative Bank Limited, Mumbai, Maharashtra
Banaras Mercantile Co-operative Bank Limited, Varanasi
Shimsha Cooperative Bank Regular, Maddur, Mandya, Karnataka
Uravakonda Co-operative Town Bank Limited, Andhra Pradesh
The Mahabhairab Co-operative Urban Bank Limited, Tezpur, Assam
Did customers get their money? Know the rules (RBI Rules)
Whenever the license of a bank is canceled under the provisions of DICGC Act 1961. Each customer is then entitled to receive the deposit insurance claim amount from the Deposit Insurance and Guarantee Corporation up to a monetary limit of Rs 5 lakh.
