RBI Cancels Purvanchal Cooperative Bank’s Licence.

Banking & Finance

The Reserve Bank of India cancelled the license of Mumbai based City Cooperative Bank on Wednesday, dashing the hopes of depositors about getting its merger with Cosmos Bank. Last week, the RBI had cancelled the banking license for Purvanchal Co-operative Bank Ltd., located in Ghazipur, Uttar Pradesh.


      The RBI has cancelled Purvanchal Co-operative Bank's licence due to insufficient capital and unsustainable financial prospects.

      In case of City Cooperative Bank, it bears recalling that one of the largest urban cooperative banks of India-Cosmos Cooperative Bank had submitted revised amalgamation cum merger proposal to RBI on 5th October 2023 but to no avail.

     

 

     


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