The RBI cancels the bank permission and provides The Botad People's Co-operative Bank a non-banking institution license

 The RBI cancels the bank permission and provides The Botad People's Co-operative Bank a non-banking institution license

The RBI cancels the bank permission and provides The Botad People's Co-operative Bank a non-banking institution license

Even after being designated as a non-banking entity, the central bank ordered the bank to return unpaid and unclaimed deposits of non-members as and when requested.

The Botad People's Co-operative Bank Limited, located in Botad, Gujarat, was awarded a non-banking institution license by the Reserve Bank of India (RBI) on December 29, after the cancellation of its banking authorization.

As a result, according to a statement from the central bank, the RBI has revoked the license Botad People's Co-operative Bank Ltd. was given to conduct banking operations in India on February 17, 1998. This cancellation will take effect on December 29, 2023, at the latest.

As a result, The Botad People's Co-operative Bank Limited, Botad, must immediately cease all "banking" activities, including taking deposits from non-members, according to a statement from the RBI.

Even after being designated as a non-banking entity, the central bank ordered the bank to return unpaid and unclaimed deposits of non-members as and when requested.