RBI cancels licence of 2 cooperative banks

RBI cancels licence of 2 cooperative banks: The Reserve Bank of India (RBI) has cancelled the licence of two cooperative banks — Sri Sharada Mahila Co-operative Bank, Tumkur, Karnataka and Harihareshwar Sahakari Bank, Wai, Satara.

Reason: As the lenders do not have adequate capital and earning prospects.

Daily Current Affairs Quiz: July 2023

About 99.96% of the depositors of Harihareshwar Sahakari Bank and 97.82% of the depositors of Sri Sharada Mahila Co-operative Bank are entitled to receive the full amount of their deposits from DICGC.

In the case of Sri Sharada Mahila Co-operative Bank, about 97.82 per cent of the depositors are entitled to receive the full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC).