RBI Grants Non-Banking Institution License to Mahalaxmi Cooperative Bank

Daily Current Affairs / RBI Grants Non-Banking Institution License to Mahalaxmi Cooperative Bank

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Category : Business and economics Published on: July 04 2023

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The Reserve Bank of India (RBI) on June 27 has granted non-banking institutions licence to Mahalaxmi Cooperative Bank Ltd, Dharwad, Karnataka, after cancelling its banking permit.
Accordingly, RBI has cancelled the licence dated March 23, 1994, granted to Mahalaxmi Cooperative Bank Ltd, Dharwad, Karnataka to carry on banking business in India, with effect from the close of business on June 27.
This will not stop the bank from conducting the business of ‘banking’ and acceptance of deposits from non-members with immediate effect.
In April 2023, the central bank cancelled the banking licence of Adoor Co-operative Urban Bank and allowed it to operate only as NBFC.