Big news for these bank customers: RBI cancels bank licence! The RBI revoked the licences of these 8 banks, preventing them from conducting transactions

 Big news for these bank customers: RBI cancels bank licence! The RBI revoked the licences of these 8 banks, preventing them from conducting transactions

Reserve Bank of India: Please read this information 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 cancelled several banks' licences as a result of this. In addition, the central bank has penalised a few major organisations with major penalties. Cooperative banks will be most negatively impacted by the National Bank's decision.

The Reserve Bank also 114 times applied penalties

The RBI has revoked the licences 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. However, RBI was compelled to move rapidly as a result of the defects that were discovered in these institutions.

allegations of rule-breaking

In addition to dual regulation and poor finance, cooperative banks often deal with meddling from local officials. The Reserve Bank has begun taking action against cooperative banks that break the law. In the past year, eight banks' licences have been revoked. Tell us which banks' licences the RBI has revoked.

These banks' licences were revoked

Mudhol Cooperative Bank, Inc.
Bank Milath Cooperative
Shree Anand Cooperative Bank 3.
Rupee Cooperative Bank, No. 4
Deccan Urban Cooperative Bank, No. 5
Laxmi Cooperative Bank, No. 6
Sewa Vikas Cooperative Bank, number 7.
Babyji Date Mahila Urban Bank 8.

Due to insufficient capital and violations of the Banking Regulation Act, the RBI revoked the licences of the aforementioned banks. Also cancelled for reasons including a lack of prospects for future income. The RBI has been monitoring the association financial industry since a few years ago. In the years 2021–2022, 2020–2020, and 2019–2020, the central bank revoked the licences of 12 cooperative banks, three cooperative banks, and two cooperative banks, respectively.