RBI cancels licence of Independence Co-operative Bank

The Reserve Bank has taken action against another co-operative bank in Maharashtra. The license of Independence Co-operative Bank Ltd has been revoked. As a result, the bank will not be able to serve its customers from today. The RBI on Thursday issued a notification stating that the bank will cease banking operations from February 3, 2022. The RBI had also imposed restrictions on the co-operative bank last year due to its financial condition. As per the decision of that time, the customer could not withdraw money for 6 months. However, the RBI said in a statement that it had now decided to revoke the license as there was no improvement in the bank's operations. The bank does not have enough money, so there is no hope of future income. The RBI has said that revoking the bank's license is in the interest of consumers.

This co-operative bank is from Nashik. Officials of the concerned department have also been informed about the order. The RBI has also issued refunds to consumers. As per RBI order, deposits of up to Rs 5 lakh will be refunded to the bank's customers. According to the bank, 99% of the account holders will get their full amount. 5 lakh or less is deposited in the bank account of this customer. The decision to revoke the bank's license will hit only 1 per cent of its customers.