RBI Imposes Fines On 4 Banks, Revokes Urban Cooperative Bank’s Operating License
Curated By: Business DeskLast Updated: December 09, 2023, 16:02 ISTRBI recently imposed penalties on four cooperative banks.After the Reserve Bank of India (RBI) revoked the operating license of the Urban Cooperative Bank, the rural Bank had to cease its operations on December 7.
The Reserve Bank of India (RBI) has imposed fines on four banks and revoked the license of Urban Cooperative Bank Limited for not abiding by its rules. This bank operates in Sitapur, Uttar Pradesh. The RBI has affirmed that this cooperative bank has insufficient funds for operations, and there is no prospect of future earnings. Therefore, the bank is being shut down. Following RBI’s action, Urban Cooperative Bank had to cease its operations from Thursday, December 7, 2023.Furthermore, the RBI has also direc...