RBI cancels licence of Purvanchal Co-op Bank over lack of adequate capital

RBI cancels licence of Purvanchal Co-op Bank over lack of adequate capital

Daily Current Affairs / RBI cancels licence of Purvanchal Co-op Bank over lack of adequate capital

Change Language English Hindi

Category : Business and economics Published on: June 19 2024

Share on facebook

The Reserve Bank of India (RBI) has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh, due to inadequate capital and poor earning prospects.
The Uttar Pradesh Commissioner for Cooperation and Registrar of Cooperative Societies has been instructed to wind up the bank and appoint a liquidator.
On liquidation, depositors will be entitled to receive up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
According to the bank's data, about 99.51% of depositors are expected to receive the full amount of their deposits under this insurance scheme.
The cooperative bank, given its current financial condition, cannot fully repay its depositors. The DICGC has already disbursed Rs 12.63 crore of the total insured deposits as of May 30, 2024, based on depositors' willingness to claim.

Recent Post's

Sanae Takaichi Reappointed Japan PM – Japan’s first female PM, Sanae Takaichi, secures a two-thirds LDP majority, forming her second Cabinet to advance defence, fiscal, and constitutional agendas.
Read More....
Three New Cheetah Cubs Born at Kuno – Gamini, a South African cheetah, gives birth to three cubs, raising India’s cheetah population to 38 under Project Cheetah.
Read More....
Shivaji Maharaj Jayanti 2026 – Celebrated on 19 February, honouring Chhatrapati Shivaji Maharaj’s bravery, leadership, and vision of Swarajya with cultural events nationwide.
Read More....
Top 5 Richest Indian Cities by GDP 2026 – Mumbai, Delhi, Kolkata, Bengaluru, and Chennai lead India’s economic growth, with Mumbai topping at $310B GDP.
Read More....
Losar Festival 2026 in McLeod Ganj – Tibetan New Year celebrated from 18–20 February, marking the Fire Horse Year with prayers, rituals, and Dalai Lama’s presence.
Read More....
Mumbai Climate Week 2026 Inaugurated – CM Devendra Fadnavis launches a three-day event focusing on sustainable urban strategies, renewable energy, and actionable climate solutions.
Read More....
Demwe Lower Hydel Project EC Extended – Arunachal Pradesh’s 1,750 MW project gets 11-year environmental clearance till 2037 amid wildlife and ecological concerns.
Read More....
President Murmu at International Fleet Review 2026 – Witnesses naval display in Visakhapatnam with over 70 countries participating, promoting maritime cooperation and security.
Read More....
MeitY Launches AI Impact Startup Book – India AI Impact Summit 2026 unveils consolidated repository of AI solutions to scale impactful use cases across sectors.
Read More....
Vervesemi Microelectronics Raises $10M – DLI-backed startup secures Series A funding to scale chip design innovations for EVs, drones, space, and industrial applications.
Read More....