NEWS & ADVICE : SAVINGS ACCOUNTS
RBI penalized cooperative bank
By Vaibhav Aggarwal
Feb 21, 2014
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Yesterday the Apex bank of the country Reserve bank Of India penalized two urban cooperative banks and further the bank has also cancelled the banking license of municipal coop bank. For not following the rules and regulations bank charged a penalty of Rs 5 lakh from Ahmedabad-based Mahila Vikas Co-operative Bank Ltd and Maharashtra-based Amravati Zilla Mahila Sahakari Bank Ltd.

The bank has requested the Registrar of Co-operative Societies (RCS), Gujarat to ask the Municipal coop bank to close the bank and appoint a liquidator for the bank. On liquidation from the Deposit Insurance and Credit Guarantee Corporation every depositor will provided with a repayment of Rs 1 lakh.


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