Reserve Bank of India has Canceled (25th Sep 2023) the License of Which Mumbai-Based Co-Operative Bank?

Today General Knowledge(GK)

Baroda UP Gramin Bank

The Kapol Co-operative Bank

Ganga Co-operative Bank

None of the above

Correct Answer : Option (B) - The Kapol Co-operative Bank

The RBI on Monday (25th Sep 2023) said it has cancelled the license of Mumbai-based The Kapol Co-operative Bank Limited as the lender does not have adequate capital and earning prospects.

Consequent to the cancellation of the license, the cooperative bank has been prohibited from conducting the business of 'banking' which includes, among other things, acceptance of deposits and repayment of deposits with immediate effect, the Reserve Bank said in a statement.

The Additional Secretary & Central Registrar of Cooperative Societies, Ministry of Cooperation, has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank, it said.

On liquidation, the RBI said every depositor would be entitled to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of â‚¹ 5 lakh from Deposit Insurance and Credit Guarantee Corporation (DICGC).

About 96.09 per cent of the depositors are entitled to receive full amount of their deposits from DICGC.

Giving details, the RBI said the bank does not have adequate capital and earning prospects and its continuance is prejudicial to the interests of its depositors.

"The bank with its present financial position would be unable to pay its present depositors in full," the RBI said.

As of July 24, 2023, DICGC has already paid â‚¹ 230.16 crore of the total insured deposits based on the willingness received from the concerned depositors of the bank..

Source : NDTV

Published On : September 27, 2023

Category : Banking

Recent General Knowledge Questions

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India to Host 2025 BWF World Junior Badminton Championships in___________.

Shillong

Guwahati

Bengaluru

Kolkata

Correct Answer : Guwahati

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Q .

Who was recently awarded the title of Grandmaster by the International Chess Federation?

Nihal Sarin

Koneru Humpy

Rameshbabu Praggnanandhaa

Vaishali Ramesh Babu

Correct Answer : Vaishali Ramesh Babu

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Source : AIR

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India test fired smart anti-submarine missile developed by whom?

HAL

ISRO

DRDO

None of these

Correct Answer : DRDO

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