Question
Download Solution PDFThe licence of which of the following banks of Maharashtra was cancelled by The Reserve Bank of India (RBI) in September 2022?
Answer (Detailed Solution Below)
Detailed Solution
Download Solution PDFThe correct answer is Laxmi Co-operative Bank Limited, Solapur.
In News
- RBI on Thursday annulled the license of Solapur-based Laxmi Co-operative Bank Limited for failing to comply with various requirements of the Banking Regulation Act, 1949.
Key Points
- The Reserve Bank annulled the license of the bank as it does not have suitable capital and earnings projections.
- The bank has failed to comply with the requirements of Sections 22(3) (a), 22 (3) (b), 22(3)(c), 22(3) (d), and 22(3)(e) read with Section 56 of the Banking Regulation Act, 1949.
- The lender will not carry on banking business, with effect from the close of business on September 22, 2022.
- The RBI said that the depositors would receive deposit insurance claims amounting to a monetary ceiling of Rs 5 lakh on liquidation.
- On liquidation, every depositor would be allowed to receive deposit insurance claim amount of his/her deposits up to a monetary ceiling of Rs 5,00,000/- (Rupees five lakh only) from Deposit Insurance and Credit Guarantee Corporation (DICGC) subject to the provisions of DICGC Act, 1961.
- As per the data submitted by the bank, about 99% of the depositors are entitled to receive the full amount of their deposits from DICGC.
- As of September 13, 2022, DICGC has already paid Rs 193.68 crore of the total insured deposits under the provisions of Section 18A of the DICGC Act, 1961 based on the willingness received from the concerned depositors of the bank.
Last updated on Jul 7, 2025
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