CURRENT AFFAIRS

Detailed explanation-1: -The banks whose permits have been cancelled by the RBI include Independence Cooperative Bank Limited, Mantha Urban Cooperative Bank Ltd, People’s Cooperative Bank Limited, Mudhol Cooperative Bank Limited, Millath Cooperative Bank Limited and others. This was in line with the trends seen in previous years.

Detailed explanation-2: -Today, the Reserve Bank of India (RBI), vide order dated August 17, 2022, has cancelled the licence of “Deccan Urban Co-operative Bank Ltd., Vijayapur, Karnataka”.

Detailed explanation-3: -For commencing banking business, a primary (urban) cooperative bank, as in the case of commercial bank, is required to obtain a licence from the Reserve Bank of India, under the provisions of Section 22 of the Banking Regulation Act, 1949 (As Applicable to Cooperative Societies).

Detailed explanation-4: -Primary Agricultural Credit Society and cooperative land mortgage banks are excluded from the Act.