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.

Detailed explanation-2: -The bank ceases to carry on banking business, with effect from the close of business on October 10, 2022, RBI said in a statement. Earlier in August 2022, it had cancelled the license of Pune-based Rupee Cooperative Bank. RBI action is facing legal challenge in Bombay High Court.

Detailed explanation-3: -The Reserve Bank of India (RBI) announced that it has withdrawn the Solapur-based Laxmi Co-operative Bank’s banking licence. The bank will cease to carry on banking business, with effect from September 22, 2022.

Detailed explanation-4: -The bank with its present financial position would be unable to pay its present depositors in full; and. Public interest would be adversely affected if the bank is allowed to carry on its banking business any further.

Detailed explanation-5: -The companies whose certification has been cancelled are SRM Properties And Finance Company (Rajasthan), North East Region Finservices Limited (Manipur), Sowjenvee Finance Limited (Karnataka) and Opel Finance Limited (Patna).