Recently, the Reserve Bank of India has canceled the license of a cooperative bank located in Bijnor district of Uttar Pradesh. The name of this bank is United India Co-operative Bank Limited. This bank is located in Nagina, Bijnor, Uttar Pradesh. The Reserve Bank of India has directed the closure of its banking business. Apart from this, the commissioner and cooperative registrar have also been asked to close this bank. For your information, let us tell you that the Reserve Bank of India has issued instructions to the UP Commissioner and Cooperative Registrar to close the bank. DICGC has been asked to cancel the license of this bank under Section 56 of the Banking Regulation Act, 1949.
According to RBI, this bank was not complying with the provisions of Section 11 (1) and Section 22 (3) (D) of the Banking Regulation Act, 1949 along with Section 56.
Based on the instructions of the Reserve Bank, all the services of the bank have been banned from July 19, 2023. An order in this regard was issued on 14 July.
According to media reports, 99.98 percent of the depositors of the bank are entitled to get the full deposit amount from DICGC. The depositor can claim an amount of five lakh rupees under the Deposit Insurance and Credit Guarantee Corporation.
The Reserve Bank has told that keeping in mind many aspects, this action has been taken on the United India Co-operative Bank.
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