RBI cancels licence of Uravakonda Co-Operative Town Bank Ltd., Andhra Pradesh.

Banking & Finance

The Reserve Bank of India (RBI) has canceled the license of Uravakonda Co-Operative Town Bank Ltd., located in Andhra Pradesh. This decision has been taken due to the bank's failure to comply with regulatory requirements and maintain adequate capital. As a result, the bank will no longer be permitted to carry out banking operations, including accepting deposits and repaying existing ones. Customers of the bank are advised to contact the Deposit Insurance and Credit Guarantee Corporation (DICGC) for claims related to their deposits. The cancellation aims to protect the interests of the bank’s depositors.


      The bank's financial position had deteriorated significantly, leading to the cancellation.

      The RBI aims to ensure the stability of the financial sector through such actions.

     

 

     


About Andhra Pradesh,

Capital: Amaravati
Chief minister: N. Chandrababu Naidu
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