RBI has cancelled licence of 7 co-operative banks since Jan

RBI has cancelled licence of 7 co-operative banks since Jan

Daily Current Affairs / RBI has cancelled licence of 7 co-operative banks since Jan

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Category : Business and economics Published on: July 09 2024

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RBI has cancelled the licences of several co-operative banks since January 2024, including Sumerpur Mercantile Urban Cooperative Bank, Jai Prakash Narayan Nagari Sahakari Bank, Shree Mahalaxmi Mercantile Co-operative Bank, and Hiriyur Urban Co-operative Bank, due to their deteriorating financial health.
In June 2024, licences of Mumbai’s City Co-operative Bank and Purvanchal Co-operative Bank in Ghazipur, Uttar Pradesh, were revoked for inadequate capital and earning prospects.
Banaras Mercantile Co-operative Bank has ceased its banking operations as of July 4, 2024, with the RBI directing Uttar Pradesh's Cooperative Societies Commissioner to initiate the winding-up process and appoint a liquidator.

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