RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank
2 years, 3 months ago

RBI Cancels Licence of Solapur-based Laxmi Co-operative Bank

News 18  

The Reserve Bank of India on Thursday said it has cancelled the licence of Solapur based The Laxmi Co-operative Bank Limited as the lender does not have adequate capital and earning prospects. As per the data submitted by the cooperative bank, more than 99 per cent of the depositors are entitled to receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation, the RBI said in a statement. “The bank does not have adequate capital and earning prospects,” the RBI said while announcing that The Laxmi Co-operative Bank ceases to carry on banking business, with effect from the close of business on Thursday. “The bank with its present financial position would be unable to pay its present depositors in full,” the RBI said.

Bank Dicgc Laxmi Rbi Cancels  rbi  cancels  prospects  laxmi  depositors  bank  solapurbased  licence  receive  rs  deposits  cooperative  business  banking

History of this topic

RBI cancels licence of Hiriyur Urban Co-op bank with immediate effect
11 months, 1 week ago

RBI cancels licence of Hiriyur Urban Co-op bank with immediate effect

The Hindu  

The Reserve Bank of India cancelled the licence of The Hiriyur Urban Co-operative Bank Ltd in Karnataka, on January 12. “The, vide order dated January 12, 2024, has cancelled the licence of “The Hiriyur Urban Co-operative Bank Ltd., Hiriyur”. Hiriyur Urban Co-operative Bank does not have adequate capital and earning prospects. Consequent to the cancellation of its licence, The Hiriyur …

RBI Cancels Licence Of Kerala-based Ananthasayanam Co-operative Bank
1 year, 3 months ago

RBI Cancels Licence Of Kerala-based Ananthasayanam Co-operative Bank

News 18  

The Reserve Bank of India, on September 21, cancelled the license of The Ananthasayanam Co-operative Bank. In the release, the RBI said, “This makes it obligatory on the part of The Ananthasayanam Co-operative Bank Ltd., Trivandrum to stop conducting the business of ‘banking’ within the meaning of section 5 of the Act ibid, including acceptance of deposits from non-members with …

RBI cancels license of Maharashtra's Laxmi Co-operative Bank, depositers can claim up to THIS much amount
2 years, 3 months ago

RBI cancels license of Maharashtra's Laxmi Co-operative Bank, depositers can claim up to THIS much amount

India TV News  

Maharashtra's Laxmi Co-operative Bank news: The Reserve Bank of India on Thursday cancelled the licence of Maharashtra's Laxmi Co-operative Bank Limited. “The Laxmi Co-operative Bank Limited, Solapur, Maharashtra is prohibited from conducting the business of ‘banking’ which includes, among other things, acceptance of deposits and repayment of deposits as defined in Section 5 read with Section 56 of the Banking …

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details
2 years, 5 months ago

RBI Imposes Restrictions, Withdrawal Caps On Four Cooperative Banks. Check Details

ABP News  

Mumbai: The Reserve Bank on Friday imposed several restrictions, including a cap on withdrawals for the depositors, on four cooperative banks for six months given their deteriorating financial positions. The banks on which restrictions or directions under the Banking Regulation Act, 1949 have been imposed are Ramgarhia Co-operative Bank, New Delhi; Sahebrao Deshmukh Co-operative Bank, Mumbai; Sangli Sahakari Bank, Mumbai; …

RBI cancels licence of THIS Maharashtra bank
4 years ago

RBI cancels licence of THIS Maharashtra bank

India TV News  

The RBI on Thursday said it has cancelled the licence of Subhadra Local Area Bank, Kolhapur, as its affairs were conducted in a "manner detrimental" to the interests of its present and future depositors. However, Subhadra Local Area Bank has enough liquidity to pay all its depositors, it added. "Public interest would be adversely affected if it is allowed to …

Discover Related