RBI scraps licence of MP-based Garha Co-operative Bank
The Reserve Bank of India (RBI) due to insufficient capital and earning potential revoked the licence of Madhya Pradesh’s Garha Co-operative Bank, Guna. According to a statement from the RBI, approximately 98.4% of the depositors of the cooperative bank are eligible to receive the full value of their savings from the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Buy Prime Test Series for all Banking, SSC, Insurance & other exams
● The bank is immediately forbidden from carrying out a number of activities, including accepting deposits and repaying deposits, as a result of the termination of its licence.
● The bank lacks sufficient capital and earning potential, according to the RBI, which revoked the licence with effect as of Monday’s end of business hours.
● Furthermore, it stated that given its current financial situation, Garha Co-operative Bank would be unable to fully reimburse its depositors.
Indian Overseas Bank Launched Electronic Bank Guarantee Scheme
● Every depositor would be entitled to receive the deposit insurance claim amount of his or her deposits from DICGC upon liquidation, up to a maximum financial limit of Rs 5,00,000.
● DICGC has already paid out Rs 12.37 crore of the total protected deposits as of December 19, 2022, depending on the consent given by the relevant bank depositors.
In a major boost to Digital India, the Ministry of Electronics and Information Technology (MEITY)…
In an age where technology and finance intersect at lightning speed, Luana Lopes Lara, a…
In a significant development for higher education in India, Victoria University (VU) from Australia is…
Many lakes around the world are known by special names because of their stories, beauty,…
Under Section 45ZL of the Reserve Bank of India Act, 1934, every quarter, India’s Monetary…
India hosts nearly 8% of the world’s biodiversity, making conservation crucial for ecological balance and…