RBI cancels Licence of Maharashtra-based Laxmi Cooperative Bank

RBI cancels Licence of Maharashtra-based Laxmi Cooperative Bank: The Reserve Bank of India(RBI) stated that it has cancelled the licence of Maharashtra-based Laxmi Cooperative Bank. Laxmi Cooperative Bank is a Solapur-based bank situated in the state of Maharashtra. The bank did not have enough capital and failed to abide by the requirements of the Banking Regulation Act1949. To know in detail candidates must read the article discussed below.

Licnece cancellation of Maharashtra-based Laxmi Cooperative Bank by RBI

• RBI has cancelled the licence of Solapur(Maharashtra) based Laxmi Cooperative Bank.
• The licence has been cancelled because the bank does not have adequate capital and earning prospects.
• The business of Laxmi Cooperative Bank will get ceased and it will be in effect from September 22, 2022.
• Laxmi Cooperative Bank will now not be able to accept any deposit or repay the money of their depositors.
• RBI said that the present financial condition of the bank is such that it cannot pay its depositors the complete deposited amount.
• The continuation of Laxmi Cooperative Bank will be prejudicial to the interests of its depositors because the bank has not been able to fulfill the requirements the Banking Regulation Act, 1949.
• In a statement released by RBI it was mentioned that as per the data submitted by the Laxmi cooperative bank, more than 99 per cent of the depositors will receive their full deposited amount from Deposit Insurance and Credit Guarantee Corporation (DICGC).
• The DICGC has already paid Rs.193.68 crore of the total insured deposits till 13th September 2022.
• The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has been requested to issue an order to liquidate the operations and appoint a liquidator for the bank.
• Every depositor will be authorized to receive deposit insurance claim amount of their deposits up to Rs.5 lakh from DICGC on liquidation.

RBI cancels Licence of Maharashtra-based Laxmi Cooperative Bank Check Detail in Hindi

Current Affairs