RBI cancels licence of West Bengal-based United Cooperative Bank
The Hindu
The bank ceases to carry on banking business, with effect from the close of business on May 13, 2021.
The Reserve Bank of India on Thursday said it has cancelled the licence of United Co-operative Bank Ltd, Bagnan, West Bengal, as it does not have adequate capital and earning prospects. Consequently, the bank ceases to carry on banking business, with effect from the close of business on May 13, 2021, the Reserve Bank of India said in a statement. “As per the data submitted by the bank, all the depositors will receive full amount of their deposits from Deposit Insurance and Credit Guarantee Corporation (DICGC),” it said.
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