RBI cancels licence of MP-based Garha Co-operative Bank

About 98.4 per cent of the depositors of the co-operative bank are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC), the RBI said in a statement. Consequent to the cancellation of its licence, the bank is prohibited from conducting various activities, including acceptance of deposits and repayment of deposits with immediate effect.

from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/XjtMfN9
via IFTTT

Comments

Post a Comment

Popular posts from this blog

RBI cancels licence of Rajasthan-based Sumerpur Mercantile Urban Coop Bank

The RBI has cancelled the licence of Sumerpur Mercantile Urban Cooperative Bank in Pali, Rajasthan, due to inadequate capital and earning prospects. Depositors will receive deposit insurance claim amount up to Rs 5 lakh from DICGC. As on November 30, 2023, DICGC has already paid Rs 45.22 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank. from Banking-Banking/Finance-Industry-Economic Times https://ift.tt/PEzW9QB via IFTTT
Read more