RBI cancels licence of Rupee Co-operative Bank, Pune

RBI has cancelled the licence of Rupee Co-operative Bank Ltd, Pune, will be effective after six weeks (September 22, 2022).

Reason: The bank is unable to pay its present depositors in full (capital inadequacy).

It does not comply with the provisions of Section 11(1) and Section 22 (3) (d) with Section 56 of the Banking Regulation Act, 1949. The bank has also prohibited from conducting the business of ‘banking’ which includes, acceptance and repayment of deposits.