RBI cancels Licence of Mumbai-based ‘The Kapol Co-operative Bank’

RBI cancels Licence of Mumbai-based ‘The Kapol Co-operative Bank’

Daily Current Affairs   /   RBI cancels Licence of Mumbai-based ‘The Kapol Co-operative Bank’

Change Language English Hindi

Category : Business and economics Published on: September 30 2023

Share on facebook
  • The Reserve Bank of India (RBI) has cancelled the licence of Mumbai-based “The Kapol Co-operative Bank Limited.
  • The bank with its present financial position would be unable to pay its present depositors in full; and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
  • On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.
  • As per the data submitted by the bank, 96.09 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.
Recent Post's
  • The US removed the extra 25% tariff on Indian goods from Feb 7, 2026 after India agreed to halt Russian oil imports, restoring earlier trade terms. Compliance will be monitored and tariffs may return if imports resume.

    Read More....
  • V.O. Chidambaranar Port became India’s first port to deploy an advanced anti-drone system with 5 km, 360° coverage to boost maritime security. The indigenous project will be completed within three months.

    Read More....
  • The 39th Surajkund Crafts Mela in Haryana highlights Indian heritage under the “Vocal to Global” theme, with UP and Meghalaya as theme states and Egypt as partner nation. It provides a global platform to artisans.

    Read More....
  • RCB won their second WPL title by defeating Delhi Capitals with a record chase of 204 in the final at Vadodara. Smriti Mandhana’s 87 led to a historic six-wicket victory.

    Read More....
  • Delhi Police launched Operation Shastra to curb social media fear-mongering, screening 6,000+ profiles and registering 61 FIRs with 83 arrests. The drive targets online criminal intimidation.

    Read More....
  • RBI kept the repo rate unchanged at 5.25% in its final policy review and raised GDP growth forecasts for early 2026–27. The decision signals monetary policy continuity.

    Read More....
  • Zero Tolerance Day on Feb 6 renewed global calls to end FGM, which affects over 230 million women and girls. Agencies warn millions more remain at risk by 2030.

    Read More....
  • Andhra Pradesh is launching Amaravati Quantum Valley to become a global quantum hub through partnerships with IBM, TCS and academic institutions. The project focuses on research and deep-tech innovation.

    Read More....
  • China approved limited rare earth export licences to Japan under strict dual-use controls, easing short-term supply pressure but maintaining strategic leverage. Defence-linked materials remain restricted.

    Read More....
  • India successfully tested the Agni-III ballistic missile from Odisha, confirming operational readiness of its strategic forces. The nuclear-capable missile has a range of up to 3,500 km.

    Read More....