The Reserve Bank of India has cancelled the license of Independence Co-operative Bank Ltd., Nashik, Maharashtra w.e.f February 03, 2022. The major reason for the cancellation of the license by RBI is that bank does not have adequate capital and earning prospects. This means that it does not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
Now, what will happen to depositors’ money?
Important takeaways for all competitive exams:
(Catch all the Current affairs 2022 latest events.)
India, a land of diverse cultures, landscapes, and histories, continues to enchant travelers from around…
The world of Yakshagana, a traditional theatre form of Karnataka, has lost a towering figure.…
Japan, often referred to as the "Land of the Rising Sun," is a captivating island…
IndusInd Bank, in collaboration with Circularity Innovation Hub India Private Limited (CIH), has achieved a…
The Reserve Bank of India (RBI) has instructed Talkcharge Technologies to halt the issuance and…
In the latest advancement of China's space program, the Shenzhou-18 mission saw the successful launch…