RBI cancels licence of Mahabhairab Coop Urban Bank, Tezpur.

Banking & Finance

The Reserve Bank of India (RBI) has canceled the license of Mahabhairab Cooperative Urban Bank, Tezpur. This decision has been taken due to the bank's inability to adhere to the regulatory norms and maintain adequate financial health. As a result, the bank will cease all its operations, and the RBI has directed that the bank's assets and liabilities be managed accordingly. Depositors are advised to approach the liquidator appointed by the RBI for any claims. This move aims to protect the interests of the depositors and ensure the stability of the banking system.


      The affected depositors will be compensated as per the guidelines of the Deposit Insurance and Credit Guarantee Corporation (DICGC).

      The RBI has appointed a liquidator to oversee the orderly liquidation of the bank’s assets and liabilities.

     

 

     


About Tezpur,

District: Sonitpur
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