Bank license canceled: Big News! RBI canceled license of these 11 banks, see the full list here

RBI Action: Keeping in mind the interest of the depositors, RBI has canceled the license of 11 banks in the year 2024. However, this action also affected the customers. They were allowed to withdraw a limited amount. Let us know against which banks did the Reserve Bank take action?

Bank license canceled 2024: The Reserve Bank of India always takes strict action in the interest of customers and in case of violation of rules. This year RBI has cancelled the license of 11 banks. These banks have been closed forever. Accepting deposits and transactions have also been banned.

RBI issued a notice and said that the continuation of all these banks would be harmful for the depositors. They did not have the capital and earning possibilities. In such a situation, many provisions of the Banking Act 1949 are violated. These banks were also unable to repay the depositors along with their financial position. Therefore, keeping in view the public interest, the license of all these banks was cancelled.

The license of these banks was canceled in the year 2024 (Bank License Cancelled)

1. Durga Co-operative Urban Bank Limited, Vijayawada, Andhra Pradesh
2. Shri Mahalakshmi Mercantile Co-operative Bank Limited, Dabhoi, Gujarat
3. The Hiriyur Urban Co-operative Bank Limited Hiriyur, Karnataka
4. Jai Prakash Narayan Nagari Sahakari Bank Limited, Basmathnagar, Maharashtra
5. Sumerpur Mercantile Urban Co-operative Bank Limited, Sumerpur, Pali Rajasthan
6. Purvanchal Co-operative Bank Limited, Ghazipur, UP
7. The City Co-operative Bank Limited, Mumbai, Maharashtra
8. Banaras Mercantile Co-operative Bank Limited, Varanasi
9. Shimsha Sahakari Bank Niyamitra, Maddur, Mandya, Karnataka
10. Uravakonda Co-operative Town Bank Limited, Andhra Pradesh
11. The Mahabhairab Co-operative Urban Bank Limited, Tezpur, Assam

Did the customers get their money? Know the rules (RBI Rules)

Under the provisions of the DICGC Act 1961, whenever a bank’s license is canceled, then every customer is entitled to receive the deposit insurance claim amount of the deposit amount up to a monetary limit of Rs 5 lakh from the Deposit Insurance and Guarantee Corporation.