RBI cancels licence of Pune-based Rupee Co-operative Bank

RBI cancels licence of Pune-based Rupee Co-operative Bank – The Reserve Bank of India (RBI) has cancelled the banking licence of Pune-based Rupee Co-operative Bank due to the following an order from the Bombay High Court. The Bombay High Court order will be the effect after 6 weeks from August 11, 2022.

• the bank will discontinue carrying on banking business with effect from September 22, 2022. 

Why RBI cancels licence of Pune-based Rupee Co-operative Bank

• The lender does not have adequate capital and earning prospects,
• The bank failed to comply with banking regulations,
• the continuance of the bank is prejudicial to the interests of its depositors as it is not in a position to pay them
• the public interest will be adversely affected if the bank is allowed to carry on its business any further.

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