RBI Cancels Licence Of Varanasi Co-Op Bank.

Banking & Finance

The Reserve Bank of India (RBI) has cancelled the licence of Banaras Merchantile Co-operative Bank, Varanasi, due to its worsening financial position. This decision affects the bank's operations, requiring depositors to find alternative measures for the safety of their funds. The move follows an assessment by agencies of the bank's financial condition.


      All bank transactions are suspended with immediate effect. Depositors will receive insurance protection for their deposited amounts.

     

     

 

     


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