RBI cancels licence of United Co-operative Bank

Sumit Arora Last updated on May 15th, 2021 03:08 pm Leave a comment

Reserve Bank of India (RBI) has cancelled the licence of United Co-operative Bank Ltd over inadequate capital, regulatory non-compliance, based in Bagnan, West Bengal. Through an order dated May 10, 2021, the central bank has prohibited the co-operative lender from carrying on banking business, with effect from the close of business on May 13, 2021.

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RBI said it cancelled the licence as United Co-operative Bank did not have adequate capital and earning prospects. “As such, 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.

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Sumit Arora

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As a team lead and current affairs writer at Adda247, I am responsible for researching and producing engaging, informative content designed to assist candidates in preparing for national and state-level competitive government exams. I specialize in crafting insightful articles that keep aspirants updated on the latest trends and developments in current affairs. With a strong emphasis on educational excellence, my goal is to equip readers with the knowledge and confidence needed to excel in their exams. Through well-researched and thoughtfully written content, I strive to guide and support candidates on their journey to success.