RBI cancels licence of Purvanchal Co-op Bank, Ghazipur


PTI, Jun 17, 2024, 4:39 PM IST

The Reserve Bank has cancelled the licence of Purvanchal Co-operative Bank, Ghazipur, Uttar Pradesh as it does not have adequate capital and earning prospects.

The Commissioner for Cooperation and Registrar of Cooperative Societies, Uttar Pradesh has also been asked to issue an order for winding up the bank and appoint a liquidator, the RBI said in a statement.

On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to Rs 5 lakh only from Deposit Insurance and Credit Guarantee Corporation (DICGC).

As per the data submitted by the Purvanchal Co-operative Bank, about 99.51 per cent of the depositors are entitled to receive full amount of their deposits from DICGC, the RBI said.

Giving details, the RBI said the cooperative bank with its present financial position would be unable to pay its present depositors in full.

“The bank does not have adequate capital and earning prospects,” it said, and added public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

Consequent to the cancellation of its licence, Purvanchal Co-operative Bank has been prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits.

RBI also informed that DICGC (as on May 30, 2024) has already paid Rs 12.63 crore of the total insured deposits based on the willingness received from the depositors concerned of the bank.

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

“Coming soon.. 2025”: KL Rahul and Athiya Shetty announce first pregnancy

Mangaluru: Unauthorized bus stops at signals fuel traffic woes and safety concerns

SC notice to Karnataka, DK Shivakumar on CBI plea against withdrawal of consent by state govt

Will remain active in politics till my last breath: JD(S) patriarch & ex-PM Deve Gowda

BJP calls Congress govt ‘laughing stock’ as ‘samosa politics’ heats up in Himachal

Chikkaballapur: Yoga teacher feigns death by holding her breath, escapes murder bid

Related Articles More

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

Sensex, Nifty fall for 2nd day on FII selling; RIL, ICICI Bank major drag

Sensex, Nifty fall over 1 pc, snap two-day rally ahead of US Fed interest rate decision

SC orders liquidation of grounded air carrier Jet Airways’ assets

Home-cooked meals become dearer in October on costlier vegetables

MUST WATCH

Gho Pooja in Deepavali Festival

Melukote Deepavali

Ganapathi Co-operative Society Ltd

Udayavani Chinnara Banna 2024

Annapoorna Aahar | Food Places In Mysore


Latest Additions

UP women’s body proposes men shouldn’t tailor women’s clothes or cut their hair

NSE, BSE to be closed on Nov 20 for Maharashtra assembly polls

After Yogi’s ‘batenge, katenge’ slogan, PM pitches for unity with ‘Ek hai, toh safe hai’ message

24/7 CT Scan Facility Inaugurated at Dr. TMA Pai Rotary Hospital, Karkala

Bengaluru Police Eye Care Project inaugurated

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.