Question
How many bank licenses were cancelled by RBI in 2022?
Solution
In 2022, the central bank cancelled the license of 12 banks. A year before that, in 2021, RBI cancelled the license of three banks. In 2020, two cooperative banks were told to shut shop. RBI imposed monetary penalties citing violations in several cases with the amount ranging from Rs 50,000 to Rs 5 lakh.
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