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RBI cancels license of United Co-operative Bank

Shortpedia

Content Team
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The Reserve Bank of India has cancelled the license of Bagnan, United Co-operative Bank Ltd, West Bengal. The Central bank has taken the decision after it found that the bank doesn’t have adequate capital and earning prospects, RBI said in an order dated May 10, 2021. Depositors don’t need to worry much, as they will receive the full amount of their deposits, thanks to the Deposit Insurance and Credit Guarantee Corporation (DICGC).