This news must be read if your bank account is with a cooperative bank. The Reserve Bank (RBI) has been taking harsh action against banks for the past few years. The RBI even canceled several banks’ licenses as a result of this. Additionally, the central bank has imposed significant fines on a few large institutions. The Reserve Bank’s action will cost cooperative banks the most money.
The RBI also 114 times applied penalties.
The RBI has revoked the licenses of eight cooperative banks for the fiscal year 2022–23, which ends on March 31. These banks have received penalties from the Reserve Bank 114 times for breaking the rules. Let us inform you that cooperative banks have significantly increased the availability of financial services in rural areas. But because of the anomalies that were exposed in these institutions, RBI was forced to act quickly.
The license of these banks was suspended
Mudhol Cooperative Bank, Millath Cooperative Bank, Shri Anand Cooperative Bank, Rupee Cooperative Bank, Deccan Urban Cooperative Bank, Laxmi Cooperative Bank, Seva Vikas Cooperative Bank, and Babaji Date Mahila Urban Bank.
Due to insufficient capital and violations of the Banking Regulation Act,
the RBI revoked the licenses of the aforementioned banks. Also canceled for reasons including a lack of prospects for future income. Since a few years ago, the RBI has been keeping an eye on the cooperative banking industry. In the years 2021–2022, 2020–2020, and 2019–2020, the central bank revoked the licenses of 12 cooperative banks, three cooperative banks, and two cooperative banks, respectively.
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