The Reserve Bank of India (RBI) has cancelled the licence of Maharashtra-based Bhagyodaya Friends Urban Co-operative Bank Limited due to inadequate capital. On liquidation, every depositor is entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5 lakhs from the DICGC subject to the provisions of the DICGC Act, 1961.
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
According to the regulator, the bank with its present financial position would be unable to pay its present depositors in the full and public interest would be adversely affected if the bank is allowed to carry on its banking business any further. The bank has failed to comply with the requirements and the continuance of the bank is prejudicial to the interests of its depositors.
President Droupadi Murmu inaugurated the centenary celebrations of the Ol Chiki script in New Delhi…
Did you know there is a country where coffee is not just a drink but…
India’s trade deficit widened sharply in January 2026 as imports surged by 19 per cent…
HAMMER air-to-surface weapon will soon be manufactured in India after a major India-France defence agreement.…
Johannes Klaebo won his record ninth Winter Olympic medal as Norway secured gold in the…
Did you know that one district in Uttar Pradesh has earned a stylish nickname because…