RBI cancels the licence of Rupee Co-operative Bank Ltd, Pune stands prohibited from conducting the business of banking which includes, acceptance of deposits and repayment of deposits with effect from September 22, 2022.The Reserve Bank cancelled the licence of the bank as the bank does not have adequate capital and earning prospects the continuance of the bank is prejudicial to the interests of its depositors,the bank with its present financial position would be unable to pay its present depositors in full and public interest would be adversely affected if the bank is allowed to carry on its banking business any further.
The Commissioner for Cooperation and Registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
On liquidation, every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of ₹5,00,000/- from Deposit Insurance and Credit Guarantee Corporation subject to the provisions of DICGC Act, 1961.
