RBI denies cancelling Abhyudaya co-operative bank’s license

An alleged Press Release dated October 25, 2023, is circulating online, claiming that the Reserve Bank of India has revoked the license of Abhyudaya Co-operative Bank Ltd. However, in an official response, the RBI has clarified that the Press Release is fraudulent, and no such announcement has been made by the central bank. PIB Fact Check has posted on X, “A Press Release, dated 25 October 2023, being shared online, alleges that @RBI has cancelled the license of Abhyudaya Co-operative Bank Ltd. 

This Press Release is fake. RBI has not issued any such Press release. For more info visit: http://rbi.org.in. This is floating around.” The Press Information Bureau (PIB) Fact Check, a credible source for verifying news and information, has labelled the Press Release as fake. In its official statement. The Mumbai-based cooperative bank operates 109 branches, with 18 offering seven-day-a-week services, and maintains 113 ATMs, according to its website. According to its website, the bank, headquartered in Mumbai, operates a network of 109 branches, with 18 of them offering services seven days a week. Additionally, the bank boasts 113 ATMs. As of 31 March 2021, the bank held deposits worth Rs 10,952 crore, compared to Rs 10,838 crore in the previous fiscal year. The information available on its website indicates that its loans and advances amounted to Rs 6,711 crore in FY21, up from Rs 6,654 crore in FY20.