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

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.
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