The Reserve Bank of India has cancelled the licence of “The Mudhol Co-operative Bank Limited, Bagalkot (Karnataka)”, thus restricting it from repayment of deposits and acceptance of fresh funds. The bank does not have adequate capital and earning prospects, the Reserve Bank of India (RBI) said while announcing the cancellation of licence. RBI also said that bank with its present financial position would be unable to pay its present depositors in full.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Why this step taken by RBI?
Important takeaways for all competitive exams:
The Ministry of Statistics and Programme Implementation (MoSPI) has announced a major reform in India's…
OmniCard, a corporate spend management platform developed by Eroute Technologies Private Limited, has launched India's…
The Reserve Bank of India (RBI) has released draft amendments to strengthen India's securitisation market…
In a landmark initiative to promote women's empowerment, renewable energy, and rural entrepreneurship, the Chhattisgarh…
To commemorate the completion of four years as the President of India, President Droupadi Murmu…
DBS Bank has created history by becoming the first Southeast Asian bank to be named…