Categories: Banking

RBI cancels licence of Bhagyodaya Friends Urban Co-operative Bank

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.

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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.

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Sumit Arora

As a team lead and current affairs writer at Adda247, my role involves researching and creating informative and engaging content aimed at helping candidates prepare for national and state-level competitive government exams. I specialize in delivering insightful articles that keep aspirants updated on the latest current affairs trends and developments. My primary focus is on educational excellence, ensuring that our readers are well-prepared and informed to face their exams with confidence. Through meticulously crafted content, I aim to guide and support candidates in their journey toward success.