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

R. Praggnanandhaa wins UzChess Cup Masters 2025 and becomes top-ranked Indian chess player.
Read More....
Meesho gets shareholder approval to raise ₹4,250 crore via IPO after shifting domicile to India.
Read More....
IPS officer Parag Jain appointed new RAW chief; played key role in Operation Sindoor.
Read More....
ICC updates powerplay rules for shortened T20 matches effective from July 2025.
Read More....
Power Ministry forms task force to develop 'India Energy Stack' for digital power infrastructure.
Read More....
MNRE issues revised guidelines for Biomass Programme to promote clean energy adoption.
Read More....
CBSE to hold Class 10 board exams twice a year from 2026 session; first phase mandatory, second optional.
Read More....
NATO agrees to increase defence spending target to 5% of GDP by 2035 at The Hague summit.
Read More....
India and South Africa sign agreements on submarine cooperation during defence talks.
Read More....
Odisha wins women’s title in first Hockey India Masters Cup; Tamil Nadu enters men’s final.
Read More....