Mumbai, June 18 (IANS) The Reserve Bank of India (RBI) on Thursday cancelled the licence of Karnataka-based Shree Mahalaxmi Urban Co-operative Credit Bank, citing its deteriorating financial condition, inadequate capital and poor earning prospects.In a statement, the RBI said the bank, located in Gokak, does not have sufficient capital and fails to comply with certain provisions of the Banking Regulation Act, 1949.The central bank added that the lender, in its current financial position, would b…
Latest Deposit Insurance and Credit Guarantee Corporation News & Updates
Mumbai, May 19 (IANS) The Reserve Bank of India (RBI) on Tuesday cancelled the licence of The Yashwant Co-operative Bank, Phaltan, Maharashtra, as the lender does not have adequate capital and earning prospects.Consequent to the cancellation of its licence, Yashwant Co-operative Bank is prohibited from conducting the business of banking with effect from the close of business on May 19, 2026, the RBI said in a statement.The Commissioner for Cooperation and Registrar of Cooperative Societies, Maha…
New Delhi, May 18 (IANS) The Reserve Bank of India (RBI) on Monday issued certain directions to Etawah-based Nagar Sahakari Bank Ltd, saying that the bank will not grant or renew any loans and advances, make any investment, incur any liability including borrowal of funds and acceptance of fresh deposits without prior approval of RBI in writing.The bank can also not disburse or agree to disburse any payment whether in discharge of its liabilities and obligations or otherwise, enter into any compr…
Mumbai, April 6 (IANS) The Reserve Bank of India on Monday cancelled the licence of Shirpur Merchants’ Co-operative Bank, citing inadequate capital and poor earning prospects, effectively bringing an end to its banking operations.In a statement, the central bank said the lender will cease all banking activities from the close of business on April 6, 2026.The RBI added that the bank’s current financial position makes it unable to fully repay its depositors and allowing it to continue operations…
New Delhi, Feb 10 (IANS) The government and the Reserve Bank of India (RBI) have taken various measures to strengthen cooperative banks’ financial health, governance and digital inclusion, along with enhancing deposit security, credit availability and prudent regulation, the Parliament was informed on Tuesday. The Central Bank, in consultation with the Centre, announced that loans sanctioned by banks to the National Cooperative Development Corporation (NCDC) from January 19, 2026, for on-lendi…