New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    The Reserve Bank of India has recently canceled the

    license of which Co-operative Bank Ltd.
    A Independence Co-operative Bank Correct Answer Incorrect Answer
    B Mercantile Co-operative Bank Correct Answer Incorrect Answer
    C Sikkim Co-operative Bank Correct Answer Incorrect Answer
    D Saraswat Cooperative Bank Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    The Reserve Bank of India has canceled the license of Independence Co-operative Bank Ltd. The Independence Co-operative Bank Ltd. is based in Nashik, Maharashtra. The reason behind the cancellation of the license is that the bank was not having adequate capital and earning prospects. Note” The Reserve Bank of India (RBI), vide order dated February 15, 2022, has cancelled the licence of Mantha Urban Cooperative Bank Ltd., Mantha, District: Jalna , Maharashtra. Consequently, the bank ceases to carry on banking business, with effect from the close of business on February 16, 2022. 

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