RBI Revokes License of The Durga Co-operative Urban Bank. Banking & Finance | Dated: 27 Nov 2024 The Reserve Bank of India (RBI) has cancelled the licence of the Durga Cooperative Urban Bank Limited, Vijayawada, Andhra Pradesh (AP), which had been operational for 95 years. 🎯 Key Highlights: - This decision follows the bank's failure to meet regulatory capital requirements and operational standards as per the Banking Regulation Act, 1949. - With the cancellation of its licence, Durga Cooperative Urban Bank is prohibited from conducting banking activities, including accepting and repaying deposits, effective from the close of business on November 12, 2024. 💡 Other Important Facts: (i) The RBI has instructed the Commissioner for Cooperation and the Registrar of Cooperative Societies, Andhra Pradesh, to initiate a winding-up order and appoint a liquidator for the bank. (ii) Depositors are eligible for compensation up to Rs 5 lakh from the Deposit Insurance and Credit Guarantee Corporation (DICGC). 📚 Test Your Knowledge: Which Organization recently Revokes License of The Durga Co-operative Urban Bank? Correct Answer: RBI 🚀 Quick Recap: About RBI CEO : Shaktikanta Das Headquarter : Mumbai