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Breaking News - RBI Big Decision Biggest Action OF 2023

Big News - RBI Biggest Decision OF 2023

RBI Canceled Bank License Big news for These Bank Customers RBI canceled the license of these 8 banks, will not be able to do transactions

The effect of this is that the RBI even canceled the licenses of some banks. Not only this, the central bank has also imposed heavy fines on some big banks. Co-operative banks are facing the maximum loss in the Reserve Bank’s action.

Allegations of Negligence In Rules

Permits of eight banks have been canceled in the last one year. Let us know which banks’ permits were canceled by RBI? For more news Subscribe NewsAlertn01

Co-operative banks are facing interference from local leaders apart from dual regulation and weak finance. The Reserve Bank has started cracking down on cooperative banks, which are negligent in the rules

Reserve Bank also imposed penalties 114 times

The licenses of eight co-operative banks have been canceled by the RBI in the financial year 2022-23 ending on March 31. 

The impact of this is that the RBI even canceled the licenses of some banks. Not solely this, the central financial institution

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Licenses of these banks have been canceled - RBI

  • Mudhol Co-operative Bank

  • Sewa Vikas Co-operative Bank

  •  Milath Co-Operative Bank

  • Shree Anand Co-Operative Bank

  • Rupee Co-operative Bank

  • Deccan Urban Co-operative Bank

  • Babaji Date Mahila Urban Bank

  • Laxmi Co-operative Bank 

RBI Full Details Of Latest new

The central bank has canceled the licenses of 12 co-operative banks in the year 2021-22, 3 co-operative banks in 2020-21 and two co-operative banks in 2019-20.

The licenses of the banks mentioned above by the RBI were done due to insufficient capital, noncompliance with the rules of the Banking Regulation Act. Also canceled due to reasons like lack of future income possibilities.

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