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Rajasthan News:

Reserve Bank of India (RBI) has canceled the license of Sumerpur Mercantile Urban Co-operative Bank located in Pali district of Rajasthan.

Explaining the reason for this on Wednesday, RBI officials said that this bank does not have sufficient capital and earning potential.

That is why this decision has been taken.

'Deposit up to Rs 5 lakh will be returned'

The Reserve Bank said in a statement that the Registrar of Cooperative Societies, Rajasthan has also been requested to issue an order to close the bank and appoint a liquidator.

On liquidation, every depositor will be entitled to receive deposit insurance claim amount of up to Rs 5 lakh of his deposits from the Deposit Insurance and Credit Guarantee Corporation (DICGC).

The Reserve Bank said, 'As per the bank's data, 99.13 per cent of depositors are entitled to receive the full amount of their deposits from DICGC.'

'Already paid Rs 45.22 crore'

RBI informed that as of November 30, 2023, DICGC has already paid ₹45.22 crore of total insured deposits under the provisions of Section 18A of the DICGC Act, 1961, based on the willingness received from the respective depositors of the bank.

Now consequent to the cancellation of the license of this bank, Sumerpur Mercantile Urban Cooperative Bank Limited Sumerpur Pali is prohibited from conducting the business of 'banking' which inter alia, includes accepting deposits and repayment of deposits.

Also read:- 12th board exams will start in Rajasthan from today, students should note these important rules.

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Reserve Bank Of India Sumerpur Mercantile Urban Co-operative Bank Pali Bank License Canceled Rajasthan News