CURRENT AFFAIRS : BANKING & FINANCE
RBI cancels licences of Malkapur Urban Co-operative Bank Limited & Shushruti Souharda Sahakara Bank Niyamita
- The Reserve Bank of India (RBI) cancelled the license of two cooperative bankse. Karnataka-based Shushruti Souharda Sahakara Bank Niyamita and Maharashtra-based Malkapur Urban Co-operative Bank Limited.
Reason :
- These banks did not have adequate capital and earning prospects.
- As such, they do not comply with the provisions of Section 11(1) and Section 22 (3) (d) read with Section 56 of the Banking Regulation Act, 1949.
